USDCAD facing bearish pressure, potential for more downside!

FX:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD is facing bearish pressure from descending trendline resistance as well as horizontal pullback resistance and is in line with 127.2% Fibonacci extension and 61.8% Fibonacci retracement . Prices might push down towards -27.2% Fibonacci retracement and 100% Fibonacci extension fibonacci confluence zone. If prices push up further, prices might face resistance from horizontal swing high resistance in line with 50% Fibonacci retracement . Ichimoku cloud is also above prices, showing a bearish pressure for prices.

This analysis is provided as general market commentary and does not constitute investment advice.


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