USD/CAD - The Bears are in control eyeing more decline

The USDCAD currency pair on the Daily Chart has been in a downtrend since 31 May 2019 when it registered the high price at 1.35650. On 20 June 2019, the USDCAD currency pair recorded the low price of 1.31512. Applying Oscillator Analysis on the price chart, one can notice that price is trading below the SMA 60 period Moving Average line, a fact that confirms the downward direction of Loonie. Furthermore, the MACD (Moving Average/Convergence Divergence) Oscillator is recording values below the zero line which hints to the bearish bias of financial instrument. Additionally, the RSI (Relative Strength Index) Oscillator registers values below the fifty line which indicates negative sentiment. All three technical indicators are in agreement for the downward bias of the financial instrument. Applying the Fibonacci tool on the price chart, three price targets may be calculated. The first price target is estimated at 1.31260 (161.8%). The second price target is seen at 1.29367 (261.8%). The third price target is projected at 1.26304 (423.6%). The first target was reached successfully. The Loonie is currently trading below the downtrend line. Of course, supply and demand as well as the crowd sentiment will determine the course of Loonie.