Salzworth

Outlook on USDCAD: Bearish play seen

Short
FX:USDCAD   U.S. Dollar / Canadian Dollar
On the H4 time frame, prices are testing resistance at 1.2650, in line with the descending trend line and 50% Fibonacci retracement where we could see further downside below this level to our support target at 1.2530. This support target coincides with our Fibonacci confluence levels which include the 50% Fibonacci retracement and 100% Fibonacci extension . Stochastic is testing resistance as well where we could see a reversal below this level.
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