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12.01.202111:27 Forex Analysis & Reviews: Daily Video Analysis: USDCAD facing bullish pressure, potential for a bounce!

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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. USDCAD is facing bullish pressure, as price has just broken above the descending trendline resistance and is now holding above the Ichimoku cloud. We could potentially see a bounce from our buy entry level, in line with our 61.8% Fibonacci retracement level and 78.6% Fibonacci extension level, and further rise up to our take profit levels which are in line with our horizontal swing high resistance levels.

*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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