FX.co ★ USD/CAD

In my brief forecast for today for this trading instrument USDCAD, I expect a further decline of the currency pair to the next resistance level. Most indicators on the hourly timeframe point to a further decline of the currency pair to the next resistance level. The overall trend on the 1-hour chart remains bearish. On the 1-hour chart we see that the USDCAD currency pair is near the price resistance level of 1.38565. Today I expect a breakout of this resistance level 1.38565 and a further decline of the currency pair to the next resistance level 1.38171. If this currency pair USDCAD is not able to break through this resistance level 1.38565 and consolidate below it, then I will expect a further decline of the currency pair to the next resistance level. But if this currency pair USDCAD is not able to break through this resistance level 1.38565 and consolidate below it, then I will expect a pullback of the currency pair to the support level 1.39007.