The USD/CAD chart is currently displaying potential signals of a bearish reversal, with significant support and resistance levels to consider.
Resistance Levels:
The 1st resistance at 1.26100 is characterized as "An Overlap resistance." This level signifies a potential area where selling pressure may emerge, potentially hindering further upward movement. Additionally, the 2nd resistance level at 1.36583 is identified as "An Overlap resistance," further emphasizing 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 1.35230 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 1.34217 is characterized by "Swing low support," indicating its potential to provide support to the price.