The USD/CAD currency pair has recently broken below the support of the rising trend line on the 4-hour chart and is currently approaching the 1.3488 support level. If the price breaks below this support level, it would suggest that the upside move from 1.3092 to 1.3694 has potentially concluded already, indicating a potential reversal. In this scenario, the next target could be around the 1.3400 area.

On the upside, immediate resistance is found at the rising trend line. A break above this trend line resistance could potentially trigger another upward movement, with the previous high at 1.3694 serving as the next target.

(Click on image to enlarge)

Traders should closely observe the price action around the support level and the trend line resistance, as breaking key levels could provide further insight into the future direction of the USD/CAD pair.

More By This Author: