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 seen a bullish breakout from the descending trendline resistance-turned-support, and MACD is also above the 0 line, in line with our bullish bias. We could see price bounce from our buy entry level, in line with our 61.8% Fibonacci retracement, and rise further towards our take profit levels, in line with our -27.2% Fibonacci retracement and horizontal swing low support levels.