USD/CAD has rebounded in the short term and now is pressuring the major downtrend line, the repeated breakout attempts signal that the dynamic resistance may eventually give way. Two Possibilities.
1-USD/CAD is pressuring the downtrend line and also last week USDCAD break support level 1.3340 and hit S-2 1.3240 where bounce back upside 1.3386 static resistance, but I believe that only a valid breakout above the Pivot Point (1.3440) level will really validate a large leg higher towards 1.3540 and 1.3690
2- If Price Break downside supports 1.3240 then we could see new lower 1.3070 major monthly base support level.
we need strong confirmation before going long as the pair is susceptible to a drop anytime again if the Dollar Index will lose altitude.
🛑SUPPORT/RESISTANCE ✅S1= 1.3240 ✅S2=1.3075 ✴️R1=1.3440 ✴️R2=1.3590 Please like, share, comments and follow me to get daily base analysis. Thank you for your support, I appreciate it.