The USDCAD currency pair remains in a bearish trend, with the recent price action reflecting an oversold bounce. Despite the temporary rebound, the overall sentiment remains weak unless a decisive breakout occurs.
Key Levels to Watch:
Resistance Levels: 1.4338 (critical level), 1.4413, 1.4475
Support Levels: 1.4276, 1.4200, 1.4139
Bearish Scenario:
A rejection from the 1.4338 resistance level could reaffirm the downside bias, leading to a continuation of the bearish move toward 1.4276, with further declines targeting 1.4200 and 1.4139 over the longer timeframe.
Bullish Scenario:
A breakout above 1.4338 with a daily close above this level would challenge the bearish sentiment, opening the door for further upside movement toward 1.4413, followed by 1.4475.
Conclusion:
The market sentiment remains bearish, with 1.4338 as a critical resistance zone. A rejection from this level would reinforce the downtrend, while a confirmed breakout would shift the outlook to bullish, favoring further upside gains. Traders should closely watch price action at this key level for confirmation.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Key Levels to Watch:
Resistance Levels: 1.4338 (critical level), 1.4413, 1.4475
Support Levels: 1.4276, 1.4200, 1.4139
Bearish Scenario:
A rejection from the 1.4338 resistance level could reaffirm the downside bias, leading to a continuation of the bearish move toward 1.4276, with further declines targeting 1.4200 and 1.4139 over the longer timeframe.
Bullish Scenario:
A breakout above 1.4338 with a daily close above this level would challenge the bearish sentiment, opening the door for further upside movement toward 1.4413, followed by 1.4475.
Conclusion:
The market sentiment remains bearish, with 1.4338 as a critical resistance zone. A rejection from this level would reinforce the downtrend, while a confirmed breakout would shift the outlook to bullish, favoring further upside gains. Traders should closely watch price action at this key level for confirmation.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.