USDCAD on the **1-hour timeframe** is trading at a major support zone around **1.4035**, where buyers are attempting to defend the recent decline. After a strong bearish move below the Ichimoku Cloud, price has stabilized near the highlighted demand area, suggesting selling pressure may be fading.
The Ichimoku Cloud remains bearish, meaning the overall trend is still under pressure. However, the current support has previously attracted buying interest, increasing the possibility of a short-term corrective rebound if bulls maintain control above this zone.
A successful hold above **1.4035–1.4020** could trigger a recovery toward the first resistance near **1.4102**, which aligns with the projected upside target shown on the chart. A break above that level would strengthen bullish momentum and open the door for a move toward higher resistance levels.
On the downside, a decisive close below the support area would invalidate the rebound scenario and could lead to further bearish continuation.
### **Target:**
* 🎯 **Bullish Target:** **1.4102**
### **Key Levels:**
* **Support:** 1.4035–1.4020
* **Target/Resistance:** 1.4102
* **Major Resistance:** 1.4240
**Outlook:** Cautiously bullish for a short-term rebound while price remains above the highlighted support zone. A confirmed bounce could see USDCAD recover toward **1.4102** before the broader trend direction is reassessed.
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