USDCAD - DOWNSIDE ON DAILY TIMEFRAME
We may have a short consolidation period whilst we wait for the SMA's to complete their moves, however downside seems to be present for this pair on a mid to long term basis based off of the death cross beginning to form on the daily time frame between the 50 and 100 SMA's.
Further we have a clear rejection on the fibonacci retracement scale, acting as resistance. We may see a retest of this zone during the consolidation period however it is likely to fail and complete its downside action as and when 200 SMA crosses through the 50 SMA line.
Further we have a clear rejection on the fibonacci retracement scale, acting as resistance. We may see a retest of this zone during the consolidation period however it is likely to fail and complete its downside action as and when 200 SMA crosses through the 50 SMA line.