Keep an eye at the key level
# 1.35700 may work as a level of resistance
# 1.34000 may hold the price as a level of support
USDCAD made a significant bearish move by making a bearish breakout at 1.35700. The pair is traded around the level as of writing. The sellers may keep their eyes in the pair to get a bearish reversal candle to go short. The H4 chart shows that there is enough space for the price to travel towards the South. It may find its next support around 1.34000.
On the other hand, if the price breaches the level of 1.35700, the buyers may find long opportunity and push the price towards the North. The price may find its resistance around the level of 1.37000.
Considering both charts, the bear has more space to travel towards the South. It means that it may attract more sellers to go short upon having a bearish reversal candle at the key level.
# 1.34000 may hold the price as a level of support
USDCAD made a significant bearish move by making a bearish breakout at 1.35700. The pair is traded around the level as of writing. The sellers may keep their eyes in the pair to get a bearish reversal candle to go short. The H4 chart shows that there is enough space for the price to travel towards the South. It may find its next support around 1.34000.
On the other hand, if the price breaches the level of 1.35700, the buyers may find long opportunity and push the price towards the North. The price may find its resistance around the level of 1.37000.
Considering both charts, the bear has more space to travel towards the South. It means that it may attract more sellers to go short upon having a bearish reversal candle at the key level.
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