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09.01.2024 07:03 AM
USD/CAD H4 | Sideways trading

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The USD/CAD chart is currently displaying a neutral bias with price fluctuating between the 1st support and the 1st resistance levels.

Support Levels:

The 1st support level at 1.3316 is labeled as a "Pullback support" that is influenced by the 38.20% Fibonacci retracement suggesting a significant area where buying interest may emerge. Additionally, the 2nd support level at 1.3255 is supported by an "Overlap support" that is influenced by the 61.80% Fibonacci retracement, reinforcing its role as a substantial support zone.

Resistance Levels:

The 1st resistance level at 1.3402 is characterized as a "Pullback resistance" that is influenced by the 50.00% Fibonacci retracement, signifying a notable barrier to further upward price movement. Beyond this, the 2nd resistance level at 1.3486 is also characterized as a "Pullback resistance", emphasizing its significance as a resistance zone.

Dean Leo,
Analytical expert of InstaForex
© 2007-2025
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