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USDCAD facing bearish pressure, potential for more downside!

Oleh Tickmill
Broker
Prices are facing a bearish pressure from descending trendline and 1st resistance which coincides with 61.8% fibonacci retracement and 78.6% fibonacci extension. Prices might push down towards 1st support which is in line with 61.8% fibonacci retracement. If prices push higher past 1st resistance, it might reach 2nd resistance which is in line with 78.6% fibonacci retracement. Stochastics is also facing bearish pressure from 87.10 level.
CADChart PatternsHarmonic PatternsTrend AnalysisUSDusdcadshort
Tickmill
Broker
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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