Outlook on USDCAD: Bearish play seen
On the daily time frame, prices are holding below a key resistance area where we could further downside in prices. On the H1 time frame, a pullback to the resistance zone at 1.27028 in line with the 23.6% Fibonacci retracement presents an opportunity to sell with 1.26362 as the support target. The Stochastics is also reversing below its resistance at 92.50 and Ichimoku cloud is showing signs of bearish pressure as well, in line with our bearish bias.