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03.09.202111:58 Forex Analysis & Reviews: USDCAD provides bearish signal.

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USDCAD bulls gave a big fight around the key support area of 1.2580 but in the end they lost it. Price has provided us with a bearish signal. The entire upward move from 1.20 is most probably complete and we are now in a corrective pull back phase for USDCAD.

Red line - major support trend line

Green lines- Fibonacci retracements

USDCAD has broken below the 38% Fibonacci retracement level and the red upward sloping support trend line. Both these conditions are bearish signals. Usually when price breaks below the 38% Fibonacci retracement then we see a move towards the 61.8% Fibonacci level. So more downside should be expected in USDCAD over the coming days.

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