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

This image is no longer relevant

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
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex always strives to help you
    fulfill your biggest dreams.
  • Chancy Deposit
    Deposit your account with $3,000 and get $4000 more!
    In July we raffle $4000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback