USDCAD has encountered selling pressure, breaking below the crucial 1.3160 support level. This suggests that the short-term uptrend from 1.3092 has completed at 1.3242, and the pair may experience further declines in the coming days.
Further Decline Expected:
As the price action indicates, USDCAD is likely to face further downward movement. Traders are eyeing the next support level at 1.3092, and a breach below this level could open the path for a deeper decline towards the 1.2950 area.
Immediate Resistance at 1.3190:
In the near term, USDCAD might encounter some resistance around the 1.3190 level. A break above this level could trigger a short-lived rebound, but the overall bearish sentiment may cap any potential upside gains.
In conclusion, USDCAD has broken below the 1.3160 support level, suggesting the short-term uptrend has completed. The pair may face further decline, with the next target at 1.3092, followed by the 1.2950 area. Immediate resistance is at 1.3190, and a break above this level may trigger a temporary rebound.
