The USDCAD price has been exhibiting a bullish trend within a channel, but it eventually broke below the channel’s lower boundary, indicating a shift in market sentiment from bullish to bearish. The price subsequently hit a support zone, where it made several reactions, with each reaction seeing a shorter price jump than the previous one. This is a sign that the support level is weakening, and there is a higher probability of a break below the support level. Traders should closely monitor the price action to determine if the bearish trend will continue, and they should be aware of any potential economic or geopolitical factors that could impact the USDCAD price.
• There is a resistance level at 1.37740 followed by resistance at 1.38800 and 1.39700.
• There is a support level at 1.36500. Below, there is 1.35300 and 1.35000.
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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