Red lines- bullish channel
Blue lines- Fibonacci retracement levels
USDCAD continues to remain under pressure. When price was trading around 1.36-1.3680 we warned traders that a pull back was imminent and we preferred to be neutral if not bearish. USDCAD had provided a bearish signal once it broke below the bullish channel at 1.36-1.3620. Since then price continues making lower lows and lower highs. Price has so far retraced 50% of the entire rise from 1.3091. The RSI has still not reached oversold levels. USDCAD is expected to continue lower at least towards the next key Fibonacci retracement level at 1.3325.
