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 in a downtrend and continues to face bearish pressure, as shown in price holding below moving average and MACD starting to cross below zero. We could see a potential further drop to our first take profit level, in line with our -27.2% Fibonacci retracement and 100% Fibonacci extension levels, and even to our second take profit level, in line with our -61.8% Fibonacci retracement and 127.2% Fibonacci extension levels.