The (USDCAD) price settled with strong gains in its last intraday trading, after leaning on 1.3890 support, which represents our yesterdays expected target, to reach it and bounce higher from there, supported by the emergence of the positive signals on the relative strength indicators, after reaching oversold levels.

The price is retesting the key resistance at 1.3940, amid the dominance of the bearish corrective trend and the continuation of the negative pressure due to its trading below EMA50, reducing the recovery chances on the near-term basis, especially with the relative strength indicators reaching overbought levels, that suggest a quick fading for the bullish momentum.

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