The Death Cross, a classic bearish signal where the 20-day moving average dips below the 60-day moving average, confirms that sellers are in control of USDCAD. The pair has already declined by 150 pips, with another 100 pips of downside potential if it moves to retest the previous support at 1.3850.
Over the past few hours, a 40-pip pullback occurred, but buying momentum appears weak as the price faced resistance near the 23% Fibonacci retracement at 1.3970. Sellers may look for better entry points to maximize profits from the prevailing downward momentum. A potential retest of the 1.3995 zone, corresponding with the 38% Fibonacci retracement level, could provide an ideal selling opportunity, aligning with the broader bearish trend.
This setup underscores the likelihood of continued selling pressure, particularly if resistance levels hold and downside targets are revisited.
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