FX.co ★ Daily Video Analysis: USDCAD facing bearish pressure, potential for a 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 facing bearish pressure from the resistance level at our sell entry level, which is in line with our horizontal swing high resistance, where we could potentially see a reversal and further drop to our take profit level, in line with our 61.8% Fibonacci retracement. It is worth noting that the Stochastic indicator is reversing from the upper resistance level where it has reacted from before, in line with our analysis.