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17.02.202112:21 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 is holding below the descending trendline resistance in line with our bearish bias. We could potentially see a reversal at our sell entry level, which is in line with our 61.8% Fibonacci retracement, and a further push down to our take profit levels which are in line with our 61.8% Fibonacci retracement and horizontal swing low support respectively. It is worth noting that the Stochastic indicator is also testing the upper resistance level where it has reacted from before, which is 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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