The USD/CAD chart is currently facing significant resistance levels, which may indicate the potential for a bearish reversal.
Resistance Levels:
The 1st resistance level at 1.33617 is identified as "An Overlap resistance." This level acts as a strong barrier to further upward price movement. Additionally, the 2nd resistance level at 1.34910 is categorized as "Pullback resistance," highlighting its significance as a robust resistance zone.
Support Levels:
On the support side, the 1st support level at 1.32510 is characterized as "Pullback support." This level represents a zone where buying interest could potentially emerge, and it coincides with the 61.80% retracement level. Further down, the 2nd support at 1.31877 is described as "Multi-swing low support," emphasizing its role as a substantial support zone.
