Does the bear continue its move?
# 1.34500 has been working as a level of resistance
# Keep an eye at 1.34000 to get a bearish reversal candle
# A bearish breakout below 1.33550 may make it bearish
USDCAD found its resistance around 1.34500 and made a bearish move. The pair had a bounce at 1.33500. It may consolidate now. The level of 1.34000 may work as resistance. If the level produces a bearish reversal candle closing below the level of 1.33500, the pair may get more bearish and head towards the South. The H4 chart shows that it may find its next support around 1.32300.
On the other hand, if the price breaches 1.34000, the buyers may keep their eyes in the pair to go long upon having breakout confirmation followed by a bullish reversal candle around the breakout level. The H4 chart shows that the price may find its next resistance around 1.33500 again.
Considering both charts, it seems that the Bear has an upper hand and it may make another good move towards the South.
# Keep an eye at 1.34000 to get a bearish reversal candle
# A bearish breakout below 1.33550 may make it bearish
USDCAD found its resistance around 1.34500 and made a bearish move. The pair had a bounce at 1.33500. It may consolidate now. The level of 1.34000 may work as resistance. If the level produces a bearish reversal candle closing below the level of 1.33500, the pair may get more bearish and head towards the South. The H4 chart shows that it may find its next support around 1.32300.
On the other hand, if the price breaches 1.34000, the buyers may keep their eyes in the pair to go long upon having breakout confirmation followed by a bullish reversal candle around the breakout level. The H4 chart shows that the price may find its next resistance around 1.33500 again.
Considering both charts, it seems that the Bear has an upper hand and it may make another good move towards the South.
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