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USDCAD facing bearish pressure, potential for more downside!

Oleh Tickmill
Broker
USDCAD is facing bearish pressure from descending trendline resistance as well as horizontal pullback resistance and is in line with 127.2% Fibonacci extension and 61.8% Fibonacci retracement. Prices might push down towards -27.2% Fibonacci retracement and 100% Fibonacci extension fibonacci confluence zone. If prices push up further, prices might face resistance from horizontal swing high resistance in line with 50% Fibonacci retracement. Ichimoku cloud is also above prices, showing a 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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