FX.co ★ 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. USDCAD is facing bearish pressure, where both MACD and EMA (21) show that further bearish momentum is possible. Price may drop from our sell entry level at 1.27476, in line with our 38.2% Fibonacci retracement and horizontal swing high resistance, towards our take profit level at 1.26794, in line with our -27.2% Fibonacci retracement level.