USDCAD: Decisive moment

USDCAD, Daily

The asset came close to the key resistance zone 1.3842-1.3776, where the bullish order block is located. Now, the price is testing this level, and a “death cross” is formed on the chart, which indicates a possible strengthening of downward pressure.

If the asset fails to break through the support area, the growth to the level of 1.3995 will begin;

However, if the price breaks through this resistance area, the decline will continue to 1.3606.

Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: FBS Analyst Team

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