Hello traders, in my brief forecast for Monday regarding the trading instrument USDCAD, I expect further decline of the currency pair towards the next resistance level. Most indicators on the hourly timeframe are pointing to an increase in the currency pair. The overall trend on the 1-hour chart remains downward. On the 1-hour chart, we can see the currency pair near the resistance level of 1.37472. On Monday, I expect a breakout of this resistance level at 1.37472 and further decline of the currency pair towards the next resistance level at 1.36923. If the USDCAD pair manages to break this resistance level at 1.36923 and hold below it, I will expect further decline of the currency pair towards the next resistance level. However, if the USDCAD pair fails to break the resistance level at 1.36923 and hold below it, I will expect a pullback of the currency pair towards the support level at 1.37973.
