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USDCAD 16.10.2024
General Trend:
The overall trend appears to be clearly bullish, as the price is trading near key resistance levels after a strong upward move, suggesting the possibility of testing higher levels if the price can break through the resistance.
Expected Scenario:
If the price manages to break the current resistance at 1.3837, the uptrend could continue towards the next higher level at 1.3879. The Awesome Oscillator (AO) indicator at the bottom shows green bars, supporting the current positive momentum.
Alternative Scenario:
In case the price fails to break the current resistance level, we could see a bearish reversal towards the support at 1.3677. If this level is broken, the next target would be the support at 1.3474.
Key Levels:
Resistance: 1.3837 - 1.3879
Support: 1.3677 - 1.3474
Disclosure of risk: Point Trader Group will not accept liability for any loss or damage as a result of reliance on the provided information.
