Technical Analysis of USD/CAD for April 27, 2021

Overview :Yesterday, the USD/CAD pair dropped sharply from the level of 1.2506 towards 1.2452. Now, the price is set at 1.2411. On the H4 chart, the resistance of USD/CAD pair is seen at the level of 1.2506 and 1.2550. It should be noted that volatility is very high for that the USD/CAD pair is still moving between 1.2506 and 1.2364 in coming hours. Also, it should be noticed that support 1 is seen at the level of 1.2506 which coincides the daily pivot point. Moreover, the price spot of 1.2506/1.2452 remains a significant resistance zone. Therefore, there is a possibility that the USD/CAD pair will move downside and the structure of a fall does not look corrective. The market will indicate the bearish opportunity below 1.2506/1.2452, sell below 1.2506 or/and 1.2452 with the first target at 1.2364 in order to test yesterday's bottom. Additionally, if the USD/CAD pair is able to break out the bottom at 1.2364, the market will decline further to 1.2287 in order to test the weekly support 2.