FX.co ★ crystal66 | USD/CAD

Since the previous technical analysis on the USDCAD pair, nothing significant has changed. On the hourly timeframe, a descending medium-term trend channel is formed. The price is trading below the Ichimoku cloud, indicating a bearish impulse. This means that a short position can be opened. The Stochastic indicator is in the support zone. During the last trading session, the pair continued to move south, with players managing to stay below the reversal level. Bears continued the decline, reaching the second target of the short-term trend and are currently trading at the level of 1.3830. The classic Pivot levels serve as intraday reference points for the decline. I assume that the decline will continue from current levels, and a breakthrough of the support level at 1.3786 will lead to a new wave of pair decline and further movement south below the support line around 1.3742. However, if buyers return to the market, their reference point at the current chart segment will be the resistance level at 1.3983.