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05.12.2023 06:38 AM
USD/CAD I Bearish Reversal?

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The USD/CAD chart is showing signs of a potential bearish reversal, with significant support and resistance levels in play.

Resistance Levels:

At 1.35788, the 1st resistance level is characterized as "Pullback resistance." This level signifies a zone where selling pressure may emerge, potentially hindering upward momentum. Additionally, the 2nd resistance level at 1.35280 is identified as "An Overlap resistance," reinforcing its role as a significant resistance zone.

Support Levels:

On the support side, the 1st support level at 1.34893 is labeled as "Swing low support." This level implies a potential area where buying interest may emerge, serving as a crucial support zone. Similarly, the 2nd support level at 1.34304 is characterized as "Swing low support," reinforcing its potential to provide support to the price.

Dean Leo,
Analytical expert of InstaForex
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