Weekly Technical Analysis Report 4 August – Bearish play seen on USDCAD
August 4, 2022
Weekly Technical Analysis Report 4 August – Bearish play seen on USDCAD
1. This week’s outlook on USDCAD: Bearish play seen
On the H4 time frame, prices are facing bearish pressure from its resistance zone at 1.28500 in line with the 61.8% Fibonacci extension and a pullback to this zone presents an opportunity to play a further drop to the next support target at 1.26800. This support target lines up with the 78.6% Fibonacci retracement and 100% Fibonacci extension. Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish bias.
Outlook on USDCAD: Bearish play seen by Salzworth on TradingView.com
