The USD/CAD chart is currently displaying a neutral bias with price fluctuating between the 1st support and the 1st resistance levels.
Support Levels:
The 1st support level at 1.3316 is labeled as a "Pullback support" that is influenced by the 38.20% Fibonacci retracement suggesting a significant area where buying interest may emerge. Additionally, the 2nd support level at 1.3255 is supported by an "Overlap support" that is influenced by the 61.80% Fibonacci retracement, reinforcing its role as a substantial support zone.
Resistance Levels:
The 1st resistance level at 1.3402 is characterized as a "Pullback resistance" that is influenced by the 50.00% Fibonacci retracement, signifying a notable barrier to further upward price movement. Beyond this, the 2nd resistance level at 1.3486 is also characterized as a "Pullback resistance", emphasizing its significance as a resistance zone.
