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01.12.2023 09:00 AM
USD/CAD Day I Potential bearish reversal?

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The USD/CAD chart indicates the potential for a bullish bounce, with significant support and resistance levels playing a key role.

Support Levels:

At 1.35220, the 1st support level is characterized as "Pullback support." This level suggests a zone where buying interest may emerge, potentially facilitating a bounce. Furthermore, the 2nd support level at 1.34210 is identified as "Multi-swing low support," signifying its potential significance in providing support to the price.

Resistance Levels:

On the resistance side, the 1st resistance at 1.36080 is labeled as "Pullback resistance." This level implies a zone where selling pressure might surface, potentially impeding upward momentum. Additionally, the 2nd resistance level at 1.36550 is supported by "An Overlap resistance," emphasizing its role as a significant resistance zone.

Dean Leo,
Analytical expert of InstaForex
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