FX.co ★ USDCAD, H4 | React off resistance?

The USD/CAD pair is showing bearish momentum, with a possible bearish response at the first resistance level and a potential decline to the first support level. The first support is at 1.3117, recognized as an overlap support where price has found support in the past. The second support level is at 1.2987, a pullback support reinforced by the 50% Fibonacci retracement level. On the upside, the first resistance is at 1.3377, an overlap resistance that could hinder upward price movement. If the price breaks this level, the second resistance at 1.3470, which aligns with the 127.20% Fibonacci extension level, might come into focus as a potential obstacle for further price advancement.