FX.co ★ USDCAD, H4 | Bearish Continuation Expectedl?

The USD/CAD pair is displaying a bearish trend, suggesting a potential movement towards the 1st support level at 1.3058. This level offers an overlap support and aligns with the 61.80% Fibonacci projection and 127.20% Fibonacci extension levels, emphasizing its relevance. If the price reverses, the 1st resistance could be encountered at 1.3118, acting as an overlap resistance and a possible obstacle to rising prices. Higher up, the 2nd resistance at 1.3206, also an overlap resistance, might serve as a further deterrent to price increases.