USDCAD Technical Analysis: Key Levels and Potential Scenarios
USDCAD has recently breached below the critical support level of 1.3541 and is currently confronting the support provided by the ascending trend line on the 4-hour chart.
A successful breakthrough below the trend line support may initiate additional downward momentum, potentially leading to a test of the 1.3440 support level. Subsequent downside movement could target the 1.3360 area.
At present, the initial resistance is situated at 1.3550. Only a decisive break above this resistance level has the potential to trigger another upward movement, aiming to retest the previous high resistance at 1.3605.