USD/CAD Rejection at Resistance — PullbackUSD/CADOANDA:USDCADPRIMEALPHA-FXThis 1-hour USD/CAD chart highlights a strong bullish trend that has been gradually climbing along a well-respected ascending trendline. Price action remains structurally bullish overall, supported by higher lows and sustained positioning above the Ichimoku cloud for most of the move. Earlier in the chart, the market consolidated inside a range before breaking upward and transitioning into a stronger bullish phase. Following the breakout, price formed a temporary bearish corrective structure (descending wedge/flag), shown in red, which eventually resolved to the upside and continued the prevailing uptrend. The pair has now reached a major resistance zone around **1.3775 – 1.3780**, where price has repeatedly faced rejection. Multiple failed breakout attempts and long upper wicks indicate strong seller activity at this level. Momentum appears to be slowing as buyers struggle to sustain a move above resistance. The chart also shows price extending away from the ascending trendline and the Ichimoku support base, increasing the probability of a short-term retracement before any further bullish continuation. ### Key Technical Observations * **Market Structure:** Bullish overall, corrective bearish short term * **Trendline:** Ascending support remains intact * **Resistance Zone:** 1.3775 – 1.3780 * **Dynamic Support:** Ichimoku cloud and rising trendline * **Current Bias:** Potential pullback from resistance ### Target The projected downside target is the highlighted green support zone near: * **Target Area:** **1.3740 – 1.3738** This target aligns with: * Previous support and consolidation base, * Ichimoku cloud support region, * Rising trendline interaction area, * Potential liquidity retracement zone before continuation. ### Outlook As long as USD/CAD remains below the resistance zone, the chart favors a corrective move lower toward support. A successful reaction from the target zone could later provide buyers with another opportunity to resume the broader uptrend.