FX.co ★ Daily Video Analysis: USDCAD approaching descending trendline, potential for reversal!

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 as it continues to hold below the descending trendline resistance, RSI is also approaching the upper resistance where it has reacted from before, in line with our analysis. We could potentially see price reverse at our sell entry level, in line with our 78.6% Fibonacci retracement, 127.2% Fibonacci extension and descending trendline resistance, and a further drop towards our take profit level.