Navigating USDCAD: Evaluating Support, Anticipating Resistance

The USDCAD appears to be approaching a key support level, suggesting a potential for a price rebound upon retesting. However, caution is warranted as the upward movement might encounter significant resistance, potentially leading to a reversal and a resumption of the downtrend. It's crucial to monitor the price action closely, considering the likelihood of a temporary bounce followed by challenges in overcoming resistance levels that may signal a continuation of the prevailing downward trend.