The USD/CAD, the potential bullish scenario is outlined as follows:
Support Levels:
The 1st support level is identified at 1.3471, noted as "An Overlap support." This level suggests a historical area where price has found significant buying interest, indicating a potential support zone.
The 2nd support level is located at 1.3427, labeled also as "An Overlap support." This level reinforces the support zone, indicating another historical area of buying interest.
Resistance Levels:
The 1st resistance level is situated at 1.3536, characterized as "Pullback resistance." This level represents a historical barrier where price has faced selling pressure after a bounce, potentially leading to a reversal.
The 2nd resistance level is at 1.3620, identified as "Multi-swing high resistance." This level indicates a potential area where selling pressure may intensify, as price approaches a historical resistance point.
