USDCAD facing bearish pressure, potential for more downside!

5 thg 4, 2021

Prices are facing bearish pressure from 1st resistance which is our horizontal swing high resistance, in line with 78.6% fibonacci retracement and -27.2% fibonacci retracement. Prices might push down towards 1st support which is our horizontal swing low support in line with 38.2% fibonacci retracement and 78.6% fibonacci extension. If prices break through the descending trend line and 1st resistance, prices might face resistance from horizontal swing high resistance in line with 127.2% fibonacci retracement and 50% fibonacci extension. EMA is also above prices, showing bearish pressure.