The USDCAD pair has seen notable shifts in the market, marked by a breakthrough below support, indicating certain possible future trends.
Breach Below Support
Notably, USDCAD has broken through the 1.3414 support level. This suggests that the upside movement that initiated from the 1.3176 price point has fulfilled its course upon reaching 1.3541.
Future Expectations: A Potential Decline
Reflecting on these market shifts, a further decline could be expected in the subsequent days. The next target for this downtrend would likely be at the 1.3343 price point, possibly even culminating in the 1.3300 region.
Identifying Immediate Resistance Levels
The immediate resistance level facing USDCAD stands at 1.3470. Should the pair break past this level, another rising movement might be triggered, with the potential to test the 1.3541 resistance level.
In conclusion, USDCAD’s recent movements suggest completed upside momentum and the possibility of a forthcoming decline. Traders should keep a close eye on identified resistance and target levels as these could influence critical decision-making strategies.