FX.co ★ USD/CAD

Hello traders, in my brief forecast for today regarding the trading instrument USDCAD, I expect further decline of the currency pair towards the next resistance level. Most indicators on the hourly timeframe suggest a decrease in the currency pair towards the next resistance level. The overall trend on the 1-hour chart remains bearish. On the 1-hour chart, we can see the currency pair near the resistance level of 1.38052. Today, I expect a breakout of this resistance level at 1.38052 and further decline of the currency pair towards the next resistance level at 1.37789. If the USDCAD pair manages to break this resistance level at 1.37789 and hold below it, I will expect further decline towards the next resistance level. However, if the USDCAD pair fails to break the resistance level at 1.37789 and hold below it, I will anticipate a pullback of the currency pair towards the support level at 1.38362.