Outlook on USDCAD: Bearish play seen

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.

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.