FX.co ★ USD/CAD

Hello traders, In the 1-hour chart of USD/CAD, we are currently seeing attempts to push the price down around the local levels of 1.394. In the alternative scenario, if selling pressure continues, the first target for a potential reversal is likely to be the impulse zone at 1.394. If the bears break through this level, a bearish channel towards the levels of the previous trend at 1.391 and 1.390 may open up. However, as long as the price remains between the local levels, there is a possibility for a positive outcome for us. Entry points for long positions should only be considered after the resistance at 1.394 is broken. This level could also provide a good opportunity to enter short positions if the bulls fail to hold the range and establish themselves above it.