Facebook
 
 

23.02.202111:45 Forex Analysis & Reviews: USDCAD facing bearish pressure, potential for further downside!

Exchange Rates 23.02.2021 analysis

USDCAD is facing bearish pressure from its 1st resistance at 1.2637, in line with 38.2% fib retracement and horizontal swing high resistance. We could see a further drop below this level towards 1st support where the 127% fib retracement is. EMA is also suggesting that price could drop further.

Trading Recommendation

Entry: 1.2638

Reason for Entry:

38.2% Fibonacci retracement

Take Profit: 1.2571

Reason for Take Profit:

127% fib retracement

Stop Loss: 1.2674

Reason for Stop Loss:

61.8% Fibonacci retracement

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert
InstaForex Group © 2007-2021
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Show more
Can't speak right now?
Ask your question in the chat.