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 could reverse at our sell entry level, in line with 50% Fibonacci retracement and descending trendline resistance, and drop towards our take profit level, which is in line with horizontal swing low support. We can also see that price is holding below both descending trendline and moving average resistances, showing signs of bearish pressure.