Sell-off continues following the rejection of the resistance

We can see that the rejection of the highlighted resistance persists, with the dollar now falling against the Canadian dollar to test the approaching support level. Currently, USD is trading at around $1.3611 against the CAD with the support of $1.3590 in focus. A break below this support level may create a fresh round of selling, weakening the reserve currency of the world further. In that case, the attention may shift toward the level of $1.34 for possibly some consolidation before more inflation data in the US is released. It would be unreliable to point out any resistance points at this moment in time with the sentiment shifting in favour of the bears. This outlook could change if there are signs of clear consolidation or resilience of support around $1.3590. This view is strengthened by the positioning of the technical indicators. With this being a weekly chart, the technical indicators play a greater influence on future price movements. The MACD seems like it may turn negative, though this is yet to be confirmed. The RSI has also moved lower into a neutral stance from a positive one.