Main Quotes Calendar Forum
flag

FX.co ★ USDCAD facing bearish pressure, potential downside!

parent
Forex Analysis:::2021-08-03T04:45:32

USDCAD facing bearish pressure, potential downside!

Price has recently made a bearish breakout off the uptrend and is currently approaching the 1st resistance at 1.25256 which is in line with the horizontal overlap resistance and the 23.6% Fibonacci retracement level. We can expect price to resist and take support at the 1.24221 level which is in line with a horizontal swing low and the 78.6% Fibonacci retracement level. Alternatively, price may make a bullish breakout of the 1.25256 level to rise to the 2nd resistance in line with the 50% Fibonacci retracement and 50% Fibonacci extension. Our bearish bias is further supported by how price is holding below the Ichimoku cloud.

 USDCAD facing bearish pressure, potential downside!

Analyst InstaForex
Share this article:
parent
loader...
all-was_read__icon
You have watched all the best publications
presently.
We are already looking for something interesting for you...
all-was_read__star
Recently published:
loader...
More recent publications...