USDCAD facing bearish pressure, potential for more downside!
Prices are facing bearish pressure from 1st resistance which is our horizontal swing high resistance, in line with 78.6% fibonacci retracement and 127.2% fibonacci extension. Prices might push down towards 1st support which is our horizontal swing low resistance in line with 38.2% fibonacci retracement and 61.8% fibonacci extension. If prices break through 1st resistance, it might reach 2nd resistance which is in line with 127.2% fibonacci retracement and 50% fibonacci extension. MACD is also showing bearish pressure as it is going below 0 line.
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