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T3-Consultancy

USDCAD H1: Bearish outlook seen, further downside below 1.3380

Short
U.S. Dollar / Canadian Dollar (FOREXCOM:USDCAD)  
T3-Consultancy  
FOREXCOM:USDCAD   U.S. Dollar / Canadian Dollar
Trend Analysis Harmonic Patterns Chart Patterns USDCAD USD CAD usdcadldong usdcadshort Forex forextrading forexsignals
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trendanalysis harmonicpatterns chartpattern usdcad usd cad usdcadldong usdcadshort forex forextrading forexsignals
On the H1 time frame, prices are facing bearish pressure from the resistance zone at 1.3380, in line with the 38.2% Fibonacci retracement and descending channel’s resistance where a pullback to this zone could see a potential reversal to the support zone at 1.3300. The 1.3300 support zone lines up with the graphical support area and 78.6% Fibonacci retracement. Prices are also holding below the Ichimoku cloud, supporting the bearish bias.
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