The USDCAD pair has been experiencing a bearish wave in recent times, as indicated by the price line movement. However, it is observed that the bearish slope decreased significantly after the price line reached a strong support zone. This suggests that the market could be approaching a potential bullish reversal point, as the price line is expected to reach the level of 0.236 of the Fibonacci retracements. If the price line can break above this zone, a bullish trend reversal can be expected, which could lead to a potential upward movement in the price. On the other hand, if the price line fails to break above this zone, the bearish phase is expected to continue, leading to a potential further decline in the price. Overall, the USDCAD pair is currently showing signs of a potential reversal, but the outcome will depend on whether the price line can break above the key resistance level or not.
• There is a resistance level at 1.34000 followed by resistance at 1.34075 and 1.34130.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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