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U.S. Dollar / Canadian Dollar
Short

USDCAD is facing bearish pressure

By Tickmill
Broker

We caught the reversal nicely from our first resistance. USDCAD is facing bearish pressure from our first resistance, in line with our horizontal overlap resistance and 23.6% fibonacci retracement where we could see a further drop below this level. A break below our downside confirmation level could provide the bearish acceleration to our first support target. Our 20 EMA is showing signs of bearish pressure as well, in line with our bearish bias.

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Chart PatternsHarmonic PatternsTrend AnalysisUSDCADusdcadlongusdcadshort
Tickmill
Broker
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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