USDCAD Daily S/R|.618 Fibonacci|200 DMA|Bearish Market Structure

Evening Traders,

Today’s analysis – USDCAD – price approaching key Daily S/R where a bearish retest is probable,

Points to consider,
- Bearish Market Structure
- Range-Mid (Support)
- Daily S/R Resistance (.618& 200DMA confluence)
- Oscillators extending

USDCAD’s Market Structure is bearish with consecutive lower lows and lower highs, this allows for a bearish bias on the market.

Range-mid is the immediate support, price holding this level will establish a local higher low.

The Daily S/R is current resistance approaching, rejection here is plausible due to technical confluence with the .618 Fibonacci and 200 DMA.

Both oscillators are getting overextended, this is indicative of a reversion to their mean which will coincide with price action.

Overall, in my opinion, USDCAD is a valid short with defined risk; Price Action is to be used upon discretion/ management of trade.

Hope this analysis helps

Thank you for following my work!

And remember,
“Dangers of watching every tick are twofold: overtrading and increased chances of prematurely liquidating good positions” – Jack Schwager