USDCAD has been moving back and forth in a sideways range for some time now. Recently, there has been a shift towards negative momentum in the market. The price is currently approaching the lower end of the range, which is around 1.3590, and coincides with the 200-day exponential moving average.
Both the RSI and the MACD indicators are showing signs of bearish momentum, indicating that the trend may continue downwards. If the bears manage to break below the support level at 1.3590, we could see a further decline towards 1.3475, with potential support at 1.3425.
On the other hand, if the price manages to break above the upper boundary at 1.3750, we may see more bullish movement in the market. Immediate resistance could be encountered at 1.3780, with a potential target at 1.3845 if the bulls continue to push the price higher.
In summary, USDCAD is currently trading within a range, with a bearish outlook if the price breaks below 1.3590. Traders should keep a close eye on key support and resistance levels to gauge the future direction of the market.
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