<p>On the daily chart below, we can
see that the price is sitting at a strong key <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“>support</a> level at 1.3664 where we can
also find <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-confluence-20220318/“>confluence</a> with the red long period <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-understanding-moving-averages-20220425/“>moving
average</a>. The sellers are most likely to lean on this level with defined risk if
the price breaks below it. </p><p>The strong selloff in <a target=“_blank“ href=“https://www.tradingview.com/chart/CIPuZN0R/?symbol=NYMEX%3ACL1%21″>oil
prices</a> recently, may weigh on the CAD and the possible recession should be
positive for the USD as a safe haven. Today, we will also see the <a target=“_blank“ href=“https://www.forexlive.com/EconomicCalendar“>Canadian CPI</a> and it’s likely that a miss in
the data would be negative for the CAD and a beat would keep the market in a
range ahead of the FOMC decision tomorrow.</p><p>On the 4 hour chart below, we can
see that the level at 1.3664 has also support from the 38.2% <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-using-fibonacci-retracements-20220421/“>Fibonacci
retracement</a> level just below it. This will be the zone where
the buyers will lean onto in expectations of a resumption of the uptrend. The
sellers, on the other hand, will try a break below to get more conviction and
start a bigger fall. </p><p>On the 1
hour chart below, we can see that the buyers have tried several times to break
above the counter-<a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-trendlines-20220406/“>trendline</a> but with no success yet. We
should see the buyers jumping in strongly once we get the breakout. The market
is focused on the FOMC decision tomorrow and we may keep seeing this choppy
price action until then. </p>
see that the price is sitting at a strong key <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“>support</a> level at 1.3664 where we can
also find <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-confluence-20220318/“>confluence</a> with the red long period <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-understanding-moving-averages-20220425/“>moving
average</a>. The sellers are most likely to lean on this level with defined risk if
the price breaks below it. </p><p>The strong selloff in <a target=“_blank“ href=“https://www.tradingview.com/chart/CIPuZN0R/?symbol=NYMEX%3ACL1%21″>oil
prices</a> recently, may weigh on the CAD and the possible recession should be
positive for the USD as a safe haven. Today, we will also see the <a target=“_blank“ href=“https://www.forexlive.com/EconomicCalendar“>Canadian CPI</a> and it’s likely that a miss in
the data would be negative for the CAD and a beat would keep the market in a
range ahead of the FOMC decision tomorrow.</p><p>On the 4 hour chart below, we can
see that the level at 1.3664 has also support from the 38.2% <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-using-fibonacci-retracements-20220421/“>Fibonacci
retracement</a> level just below it. This will be the zone where
the buyers will lean onto in expectations of a resumption of the uptrend. The
sellers, on the other hand, will try a break below to get more conviction and
start a bigger fall. </p><p>On the 1
hour chart below, we can see that the buyers have tried several times to break
above the counter-<a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-trendlines-20220406/“>trendline</a> but with no success yet. We
should see the buyers jumping in strongly once we get the breakout. The market
is focused on the FOMC decision tomorrow and we may keep seeing this choppy
price action until then. </p>
This article was written by ForexLive at www.forexlive.com.