Weekly Technical Analysis Report 16 June – Bearish outlook on USDCAD
Weekly Technical Analysis Report 16 June – Bearish outlook on USDCAD
1. This week’s outlook on USDCAD: Bearish outlook seen
On the 4H timeframe, there is bearish order flow, forming lower highs and lower lows. A pullback to key resistance zone at 1.3350, which is in line with the 50% Fibonacci retracement level, could provide the bearish acceleration to the support zone at 1.3000, which coincides with the 261.8% Fibonacci extension level. Price is hovering below the 20 EMA and ichimoku cloud, supporting our bearish bias.
Bearish Outlook on USDCAD – 16 Jun 2023 by Salzworth on TradingView.com