We caught the reversal nicely from our first resistance. USDCAD is facing bearish pressure from our first resistance, in line with our horizontal overlap resistance and 23.6% fibonacci retracement where we could see a further drop below this level. A break below our downside confirmation level could provide the bearish acceleration to our first support target. Our 20 EMA is showing signs of bearish pressure as well, in line with our bearish bias.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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.
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.