The chart for the USD/CAD currency pair suggests strong bearish momentum, indicating the potential for a bearish continuation. It is anticipated that the price will react bearishly to the 1st resistance level and drop towards the 1st support level.
The 1st support level, located at 1.3420, is a critical pullback support level and aligns with the 78.60% Fibonacci retracement level, making it a significant support level. The 2nd support level, situated at 1.3304, is a multi-swing low support level, adding to its importance as a support level.
On the upside, the 1st resistance level is seen at 1.3520, an important overlap resistance level that aligns with the 78.60% Fibonacci retracement level, making it a key resistance level. The 2nd resistance level, located at 1.3649, is a pullback resistance level that coincides with the 61.80% Fibonacci retracement level, further increasing its significance as a resistance level.
