The USDCAD currency pair has experienced a significant shift in momentum as it broke below the key support level at 1.3225. This break suggests that the long-term uptrend, which began at 1.2006, has likely completed at 1.3977. The breach of this support level indicates a shift in market sentiment and a potential reversal of the previous upward trend.
Traders and investors should anticipate further downside movement in the coming weeks, with the next targets in focus at 1.2800, followed by 1.2400. These levels represent areas where price consolidation or temporary support may emerge. It is essential to monitor price action closely for potential trading opportunities within this bearish trend.
On the upside, resistance is currently identified at 1.3660. A sustained break above this level would indicate a potential reversal of the recent bearish sentiment and could trigger another upward move towards the previous high at 1.3977. However, until such a breakout occurs, the overall outlook remains bearish.
In summary, the USDCAD currency pair has broken below the key support level at 1.3225, suggesting a completion of the long-term uptrend. Traders should anticipate further downside movement with targets at 1.2800 and 1.2400. Resistance is observed at 1.3660, and a break above this level would indicate a potential shift in sentiment. Traders are advised to closely monitor price action and adjust their trading strategies accordingly.
