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USDCAD facing bearish pressure, potential for more downside!

Oleh Tickmill
Broker
Prices are facing bearish pressure from horizontal swing high resistance in line with 38.2% Fibonacci retracement and 100% Fibonacci extension. Prices might push down towards 1st support in line with horizontal swing low support and 161.8% Fibonacci retracement. If prices push up further, prices might face resistance from 2nd resistance which is a horizontal pullback resistance in line with 78.6% Fibonacci retracement and 161.8% Fibonacci extension. EMA is also above prices, showing bearish pressure for prices.

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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