FX.co ★ crystal66 | USD/CAD

In the USD/CAD pair yesterday, as with most majors, there was a movement towards the weakening of the dollar. As a result, a full bearish candle was formed at the closing of the daily range, which was located inside the previous day's range. Overall, for this instrument, I consider that a corrective pullback may occur, possibly towards the nearest support level, which, according to my analysis, is located at 1.36320. Near this support level, two scenarios may unfold. The first priority scenario involves the formation of a reversal candle and a resumption of the upward price movement. If this plan is executed, I will wait for the price to return to the resistance level at 1.37845. Upon the price closing above this resistance level, I will expect further northward movement, up to the resistance level at 1.38461 or up to the resistance level at 1.38989. Near these resistance levels, I will wait for the formation of a trading setup to help determine the further trading direction. Of course, I acknowledge that the price may push further north towards the resistance level at 1.39775, but this will depend on the situation and how the price reacts to the designated further northern targets. An alternative scenario for price movement when approaching the support level at 1.36320 would be a plan with the price closing below this level and further southward movement. If this plan is executed, I will expect the price to move towards the support level at 1.35470. Near this support level, I will continue to search for bullish signals, anticipating a resumption of the upward price movement. Of course, there is a possibility of reaching more distant southern targets, but I am not considering them at the moment as I do not see prospects for their quick realization. In short, currently, I consider that the southern movement may continue, and the price will head towards testing the nearest support levels. Then, taking into account the existing global northern trend, I will be on the lookout for bullish signals, expecting a recovery in the upward price movement.