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02.12.202011:54 Forex Analysis & Reviews: Daily Video Analysis: USDCAD facing bearish pressure, potential for further drop!

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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 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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