The USD/CAD chart currently exhibits a bearish momentum, with a potential for price to make a bearish continuation towards the 1st support.
The 1st support level (1.3666) is identified as a pullback support that aligns with the 61.80% Fibonacci projection level while the 2nd support level (1.3629) is noted as a pullback support that aligns with the 78.60% Fibonacci projection level. These support levels represent areas where buyers may potentially step in to halt the bearish movement.
Conversely, the 1st and 2nd resistances are both overlap resistances (1.3769 and 1.3820 respectively), potentially acting as barriers to upward movement. Additionally, the 1st resistance also aligns with the 61.80% Fibonacci retracement level.
In summary, USD/CAD has a bearish outlook with the potential to fall towards the 1st support.
