USDCAD facing bearish pressure, potential for more downside!
Prices are facing bearish pressure from descending trendline resistance as well as 1st resistance which coincides with 127.2% Fibonacci retracement . Prices might push down further to 1st support level which coincides with 127.2% Fibonacci retracement and 127.2% Fibonacci extension . If prices break through 1st resistance and the descending trendline, prices might push up to 2nd resistance where it coincides with 50% Fibonacci retracement and 78.6% fibonacci extension . Stochastics is also showing resistance from the 84 level.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.