FX.co ★ USD/CAD

On the Canadian dollar, the levels have converged on the 4-hour and daily periods, meaning these levels on the 4-hour chart are resistances, while on the daily chart, they act as support. The difference is that the 4-hour chart indicates a larger correction is coming. The daily chart shows a trend reversal from bullish to bearish, indicating a shift in the trend overall. In terms of levels, the key level at 1.3720 acts as both support and resistance, just on different timeframes. Further correction may target 1.4010, but not necessarily that high. Another scenario not depicted on the chart is a sideways movement, which aligns more with a downward trend. This suggests that sellers are stronger and are not allowing the price to move higher. Currently, the plan is to anticipate a trend reversal, and we will find out more after the New Year.