USDCAD facing bearish pressure, potential for more downside!
Prices are facing bearish pressure from descending trendline resistance as well as 1st resistance which coincides with 127.2% Fibonacci retracement . Prices might push down further to 1st support level which coincides with 127.2% Fibonacci retracement and 127.2% Fibonacci extension . If prices break through 1st resistance and the descending trendline, prices might push up to 2nd resistance where it coincides with 50% Fibonacci retracement and 78.6% fibonacci extension . Stochastics is also showing resistance from the 84 level.
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