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. Price has just broken below the ascending trendline support, where we could potentially see a further drop from our sell entry level, in line with ascending trendline support-turned-resistance, towards our take profit level in line with our -27.2% Fibonacci retracement. Price is also holding below the moving average resistance, in line with our bearish bias.