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USDCAD, H4 Potential Bearish Movement

Edited on September 7, 2021
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Preferred Case:

Price has broken the daily ascending trendline support turn resistance, and price is seen to be holding below it showing a bearish momentum. Price is expected to retest the trendline at sell entry level in line with 23.6% Fibonacci retracement and horizontal support turn resistance. Our bearish bias is further supported by the price holding below the Icihmoku cloud, %K line abiding the descending trendline resistance on the Stochastic indicator and price holding below the 50period MA.

Alternative Case:

Alternatively, Price Might Bounce Upwards Towards The 1st Resistance In Line With 50% Fibonacci Retracement And 61.8% Fibonacci Extension.

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