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T3-Consultancy

USDCAD H4: Bearish outlook seen, further downside below 1.2820

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 usdcadlong usdcadshort Forex forextrading forexsignals
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trendanalysis harmonicpatterns chartpattern usdcad usd cad usdcadlong usdcadshort forex forextrading forexsignals
On the H4 time frame, prices are facing bearish pressure from the resistance zone at 1.2950 which coincides with the graphical support-turned-resistance zone and 38.2% Fibonacci retracement with further downside risks seen. A break below the intermediate support level at 1.2820 would provide the bearish acceleration to our support zone at 1.2680. Ichimoku cloud is showing signs of pressure as well supporting the bearish bias.
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