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

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

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Daily Video Analysis: USDCAD facing bearish pressure, potential for a 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 is facing bearish pressure from the resistance level at our sell entry.

USDCAD testing key resistance! Pullback incoming!

Price broke out of descending trendline resistance (now support) and tested key fibonacci retracement level and swing high. A short term pullback below 1st resistance at 1.26475 towards 1st support at 1.25387 could be likely. Trading Recommendation Entry: 1.26475 Reason for Entry: 61.8% Fibonacci.

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