Daily Video Analysis: USDCAD facing bearish pressure, potential for further drop!

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Daily Video Analysis: USDCAD facing bearish pressure, potential for further drop!

Today we take a look at USDCAD. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price has been forming lower lows, and could possibly reverse off our first resistance level at 1.29497, which is in line with our 23.6% and 38.2% Fibonacci retracement levels, and drop further to our take profit levels. Price is also below the EMA (34) in line with our analysis.

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.fx.co/forex_analysis/quickview/197535/