USD/CAD has been displaying an interesting price action behavior as of late. After a bullish wave, the price reached a strong resistance zone, where it reacted multiple times, forming a triangle pattern. Currently, the price line is once again at the base line of the triangle, which could indicate a potential bullish wave in the future. It is important to note, however, that the resistance zone has proven to be strong in the past, which may lead to a potential rejection of the bullish wave. Traders should keep an eye on the market and look for confirmation before taking any positions. Overall, the USD/CAD’s recent price action demonstrates the importance of technical analysis and highlights the need to remain flexible and open-minded when interpreting the market.
• There is a resistance level at 1.38000 followed by resistance at 1.38475 and 1.40800.
• There is a support level at 1.36250. Below, there is 1.35600 and 1.35500.
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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