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USDCAD






2/2/2016 2:56:08 AM

USDCAD suffers from downward pressures - Technical Analysis - 02-02-2016



USDCAD kept falling in the intraday levels, with the ongoing negative pressure of the SMA50, while the pair settled below the pivotal resistance of 1.4147, which represents the ratio 38.2% of Fibonacci retracement levels for an ascending wave in the medium term (from 1.3270 to 1.4689), leaning thereafter on the support of 1.3989, which represents the ratio 50%.

Therefore we reaffirm our negative outlook for the neighboring pair, especially if it settled below the support of 1.3989, targeting thereafter the pivotal support of 1.3812, which represents the ratio 61.8% of the same retracement levels.


Target
Risk


Support
Resistance


Trend Bearish

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