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The USD/CAD pair is trading within a narrow sideways range, supported at 1.3750 and capped by resistance just below 1.3800.
Technical Outlook – 4-hour timeframe:
Technical indicators point to a possible resumption of the uptrend, backed by the 50-period simple moving average, which continues to provide support. However, early signs of weakening bullish momentum have emerged on shorter timeframes, signaling caution.
Probable Scenario:
With price action confined within a tight range and mixed technical signals, a wait-and-see approach is advisable until a decisive breakout occurs.
Bullish Scenario: A confirmed break above 1.3800 could provide the momentum needed for an advance toward 1.3835, followed by 1.3865.
Bearish Scenario: A confirmed break below 1.3750 would shift the bias to the downside, opening the way for a decline toward 1.3720, with further losses possible toward 1.3695.
Warning: Risks remain elevated amid ongoing trade and geopolitical tensions, and all scenarios should be considered.
Risk Disclaimer: Amid global economic uncertainties and trade tensions, risk levels remain high. Traders should proceed with caution and be prepared for a range of market scenarios.
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