USDCAD has failed to break below the support level at 1.3300 and rebounded from the low of 1.3314. This suggests that the pair is in a period of consolidation for the downtrend from 1.3667. Over the next few days, we could expect range trading between 1.3314 and 1.3415.
As long as the resistance at 1.3415 holds, we could expect the downtrend to resume, with further declines towards the support level at 1.3200. However, if the price manages to break above the 1.3415 resistance level, we could see a continuation of the upside movement towards the upper border of the falling price channel on the 4-hour chart.
Traders should keep an eye on the key levels of 1.3300 and 1.3415, as they will provide important signals for the near-term direction of the pair. A breakout of any of these levels could trigger significant moves in the market.
