Bearish outlook on USDCAD: 9 September 2022

On the H4 time frame, prices are holding below a key resistance level 1.32 and signalled a bearish order flow. A pullback to the support turned resistance area at 1.31, in line with the 61.8% Fibonacci extension and 38.2% Fibonacci retracement presents an opportunity to play the drop to our next support target at 1.295, in line with the 50% Fibonacci retracement. Prices are holding below the Ichimoku cloud as well, supporting the bearish bias.