USDCAD facing bearish pressure, potential for more downside!
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. Past performance is not indicative of future results