USDCAD facing bearish pressure, potential for more downside!
USDCAD is facing bearish pressure from 1st resistance, which coincides with a descending trendline as well as 161.8% fibonacci retracement and 78.6% fibonacci extension. Prices might pull back to 1st support which coincides with horizontal swing low support as well as 100% fibonacci extension and 127.2% fibonacci retracement. Stochastics is also facing resistance from the 83.84 level.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results