USDCAD facing bearish pressure, potential for more downside!

30 Mar 2021

Prices are facing bearish pressure from 1st resistance which is in line with 61.8% fibonacci extension and 78.6% fibonacci retracement. Prices might push down towards 61.8% fibonacci retracement and 50% fibonacci extension. If prices continue to push up, it might face resistance from 2nd resistance which is in line with -27.2% fibonacci retracement and 127.2% fibonacci extension. Stochastics is also showing bearish pressure from 91.25 which is in line with our analysis that price might push downwards.