USDCAD's downtrend continued to gain bearish momentum today following the publication of the September PPI report in the U.S. The bearish trend was initiated after the previous Ascending Wedge, a type of trend reversal pattern, was recently completed. The MACD indicator illustrates this steadily growing bearish bias.
After having broken down below the 200-day MA (in orange) and the 100-day MA (in blue), the price action sunk to the 61.8 per cent Fibonacci retracement level at 1.23642. This psychological threshold is where bulls stand the best chance of regaining back control.
However, if the price action manages to close down below it, the next target for the downtrend would be the previous swing low at 1.22800.
After having broken down below the 200-day MA (in orange) and the 100-day MA (in blue), the price action sunk to the 61.8 per cent Fibonacci retracement level at 1.23642. This psychological threshold is where bulls stand the best chance of regaining back control.
However, if the price action manages to close down below it, the next target for the downtrend would be the previous swing low at 1.22800.
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