The USD/CAD price trended upwards within the channel but eventually broke below the lower boundary of the channel, suggesting a shift in market sentiment from upside to downside. The price then reached the support zone where several reactions were executed, each with a shorter increase in price than the previous one. This is a sign of weakening support levels and is likely to fall below support levels. Traders should closely monitor price movements to see if the bearish trend continues and be aware of potential economic or geopolitical factors that could affect the USDCAD price.
• There is a resistance level at 1.36000 followed by resistance at 1.36300 and 1.37250.
• There is a support level at 1.35000. Below, there is 1.34700 and 1.34500.
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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