USD/CAD exposed to negative pressures - Technical Analysis - 27-01-2016
USD/CAD fell in the intraday levels, moving through the SMA50 previously, and exposing itself thereafter to its negative pressures, which impacted the recent trading, before breaking through the support of 1.4147, representing the ratio 38.2% of Fibonacci retracement levels for an ascending wave in the medium term (from 1.3270 to 1.4689), settling below it, which doubles the negative pressures on the pair's next movements.
Therefore we expect more losses to come for the pair, targeting the resistance of 1.3812, which represents the ratio 61.8% of the same retracement levels mentioned earlier.
Trend
Bearish