USD/CAD, D1
On the daily chart, the quotes of the USD/CAD pair have been correcting downwards for the fifth week towards an upward trend and are currently close to 1.3195 (correction 50.0%, ascending fan line 50.0%). If it is broken, the decline will continue to 1.3035 (correction 61.8%). The key "bullish" level is 1.3560 (correction 23.6%), supported by the middle line of Bollinger bands, which breakout allows growth to 1.3880 (correction 0.0%).
Technical indicators confirm the probability of a decline: Bollinger bands are directed downwards, MACD is increasing in the negative zone, and Stochastic has entered the oversold zone but is directed horizontally.
USD/CAD, W1
On the weekly chart, the price continues to correct downwards to the long-term uptrend. The quotes are close to 1.3195 (correction 38.2%), and in case of its breakdown, they will continue to decline to the levels 1.2970 (correction 50.0%) and 1.2760 (correction 61.8%), for which they will have to break through the ascending fan. Otherwise, growth may resume with the prospect of returning the trading instrument to 1.3880 (correction 0.0%).
Technical indicators do not give a single signal: upward reversal of Bollinger bands indicates a continuation of the long-term upward trend, while downward reversal of Stochastic and a decrease in the MACD in the positive zone do not exclude the continuation of the corrective decline.
Soon, further price decline seems more likely, and in case of a breakdown of 1.3195 (correction 50.0%, D1, correction 38.2%, W1), negative dynamics will continue to 1.3035 (correction 61.8%, D1) and 1.2970 (correction 50.0%, W1). The breakout of 1.3560 (correction 23.6%, D1) will give the prospect of returning quotes to 1.3880 (correction 0.0%, D1, W1).
Resistance levels: 1.3560, 1.3880. | Support levels: 1.3195, 1.3035, 1.2970.