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A short-term bullish trend has re-emerged in the USD/CAD pair, supported by stability above the key psychological support level of 1.3700.
Technical Outlook:
Intraday price action reflects a bullish bias, reinforced by the pair’s position above key Simple Moving Averages (SMAs), which continue to provide dynamic support. Additionally, the Relative Strength Index (RSI) is attempting to gain further upward momentum, which may be sufficient to fuel continued gains.
Probable Scenario:
As long as the pair maintains stability above the 1.3700 level, the bullish outlook remains favored. A confirmed break above 1.3755 could act as a bullish catalyst, paving the way for a move toward the next resistance at 1.3780.
Alternative Scenario:
Should the pair decisively break below the 1.3700 support, downside pressure could intensify, potentially driving the pair toward the next support level at 1.3670.
Warning: Risk remains elevated amid ongoing trade and geopolitical tensions. Traders should prepare for potential volatility and consider multiple outcomes.
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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