The USDCAD currency pair has faced a notable setback as it failed to break above the falling trend line on the 4-hour chart. Consequently, the pair extended its downward move from 1.3654, reaching as low as 1.3150. This price action suggests that the downtrend remains intact.
Traders and investors should anticipate further decline in the USDCAD pair over the coming days, with the next target projected to be around the 1.3100 level. A breach below this support level could potentially lead to a further downside move, targeting the psychological level of 1.3000.
However, it is essential to consider the possibility of a potential rebound or corrective phase. Should the price manage to break above the key resistance level at 1.3269, it could signal a potential completion of the downtrend and a shift in market sentiment.
To summarize, USDCAD has been unable to break above the falling trend line, indicating the continuation of the downtrend. Further decline is anticipated, with the next targets located at 1.3100 and 1.3000. However, a breakout above the resistance level at 1.3269 could signal a potential reversal in the pair’s trend. Traders should closely monitor market conditions and key levels to navigate the evolving dynamics of the USDCAD pair.
