USDCAD H1: Bearish outlook seen, further downside below 1.3540

Price is currently hovering near a key resistance zone at 1.3540 on the H1 timeframe, which coincides with the 78.6% Fibonacci extension. Failure to hold above this zone could see price push lower to test the next support zone at 1.3480. Stochastic RSI is in the overbought region above 80, supporting our bearish bias.