USD/CAD (US Dollar/Canadian Dollar), the potential bullish scenario is outlined as follows:
Support Levels:
The 1st support level is identified at 1.3471, characterized as "An Overlap support." This level suggests that historical price action has shown significant buying interest around this area, indicating a potential support zone where traders may anticipate a bounce in price.
The 2nd support level is observed at 1.3427, also labeled as "An Overlap support." Similar to the 1st support level, historical data indicates notable buying activity at this level, reinforcing its role as a support zone.
Resistance Levels:
The 1st resistance level is situated at 1.3536, denoted as "Pullback resistance." This level indicates a significant barrier to further upward movement, where price may encounter selling pressure as it retraces from recent advances.
The 2nd resistance level is at 1.3620, marked as "Multi-swing high resistance." This level suggests a strong historical resistance area where multiple swing highs align, indicating a formidable obstacle for further bullish movement.