USDCAD facing bearish pressure, potential for more downside!
USDCAD is facing bearish pressure from descending trendline resistance as well as 1st resistance which coincides with 78.6% fibonacci resistance. Price might push towards 1st support which is in line with 127.2% fibonacci extension and -27.2% fibonacci retracement. If prices push higher, it might take resistance from 2nd resistance which is in line with 127.2% fibonacci extension and 61.8% fibonacci retracement. EMA is also above prices, suggesting a further bearish pressure.
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