USDCAD: Mild Bullish ForecastUSDCAD is currently in a mild uptrend, driven by the strengthening of the USD and the weakening of the CAD. The pair continues to hold above a strong support trendline and is testing the resistance area at 1.40600. News about Canada’s inflation in October showed a slight decrease, weakening the CAD and providing an opportunity for the USD to continue its strength.
On the 4H chart, we can see USDCAD trading within an accumulation zone between 1.40000 and 1.40600. Although some small pullbacks may occur, the overall trend remains mildly bullish. If the price maintains above the support at 1.40000, it is likely to continue its uptrend toward 1.40600.
Forecast:
With the supporting technical factors and fundamental news, USDCAD may continue to rise in the short term, with the next target being 1.40600. Traders may look for buy signals when the price pulls back to 1.40000 to enter the trend.
