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USD/CAD Price Awaits Further Decline – Forecast for July 5, 2024

by Jennifer

USD/CAD Price Analysis

Expected Scenario

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The USD/CAD price continues its decline, nearing the $1.3590 level. Upon closer examination of the chart, this level represents the neckline of a double top pattern, which suggests negative targets extending beyond $1.3515 to reach $1.3435 and possibly $1.3335.

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Supporting Factors

Expectations point towards further decline on both intraday and short-term bases. For the price to gather momentum towards these targets, it needs to break below $1.3590. Sustaining below $1.3690 is crucial for the continuation of the bearish trend.

Expected Trading Range

Today’s anticipated trading range for USD/CAD is between the $1.3540 support level and the $1.3670 resistance level.

Trend Forecast

The trend forecast for USD/CAD remains bearish.

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