Daily Video Analysis: USDCAD facing bearish pressure, potential for further 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 now holding below both the descending trendline and moving average resistances, showing bearish pressure in line with our bearish bias. We could see price reverse at our sell entry level, in line with descending trendline resistance, and make a further push down towards our take profit level, in line with 61.8% Fibonacci retracement and horizontal pullback support.

The material has been provided by InstaForex Company - www.instaforex.com

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