The USD/CAD chart is showing signs of a potential bearish reversal, with significant support and resistance levels in play.
Resistance Levels:
The 1st resistance at 1.36280 is characterized as "An Overlap resistance." This level represents a zone where selling pressure may emerge, potentially hindering further upward movement. Additionally, the 2nd resistance level at 1.36643 is identified as "An Overlap resistance," reinforcing its role as a significant resistance zone due to its alignment with key technical levels.
Support Levels:
On the support side, the 1st support level at 1.35430 is labeled as "An Overlap support." This level suggests a potential area where buying interest may emerge, potentially preventing further downward movement. Complementing this, the 2nd support level at 1.34933 is characterized by "Swing low support," suggesting its potential to provide support to the price.