FX.co ★ crystal66 | USD/CAD

When analyzing the USD/CAD pair on the weekly chart, the price was pushed confidently to the downside, following the formation of a bearish reversal signal. As a result, a full bearish candle was formed by the end of the weekly range, closing near the support level at 1.36546, testing it from top to bottom with its southern shadow. Next week, I will continue to observe the indicated support level locally, as well as the support level marked at 1.36139. As mentioned before, two scenarios can unfold near these support levels. The first scenario involves the formation of a reversal candle and a resumption of the upward price movement. If this plan is executed, I will expect the price to return to the resistance level at 1.38461 or the resistance level at 1.38989. Upon the price consolidating above these resistance levels, I will anticipate further northward movement, possibly up to the resistance level at 1.39775. Near these resistance levels, I will expect the formation of a trading setup to determine the next trading direction. While there is a possibility of reaching a higher northern target, I am not considering it at the moment due to the lack of clear prospects for its quick realization. An alternative scenario to reaching the 1.36139 support level would involve the price firmly establishing below this level and continuing its southern movement. If this scenario plays out, I will expect the price to move towards the support level at 1.34778 or the support level at 1.34557. Near these support levels, I will continue to search for bullish signals, anticipating a price recovery to the upside. In summary, for the upcoming week, I do not see anything particularly interesting locally. Overall, I am oriented towards a resumption of the global northern trend, hence I am on the lookout for bullish signals from the nearest support levels.