The GBP/USD pair set above strong support at the level of 1.3896, which coincides with the 50% Fibonacci retracement level.

USDCAD reacting below descending trendline resistance. A short term drop below our 1st resistance at 1.26006 towards 1st support at 1.25712 could be possible. Price is holding below moving average resistance as well. Trading Recommendation Entry: 1.26006 Reason for Entry: 61.8% Fibonacci retracement, Descending trendline resistance, moving average resistance Take Profit: 1.25712 Reason for Take Profit: 38.2% Fibonacci retracement Stop Loss: 1.26237 Reason for Stop Loss: Graphical swing high

Today we take a look at USDCAD. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price is now holding below both the descending trendline and moving average resistances, showing bearish pressure in line with our bearish bias. We could see price reverse at our sell entry level, in line with descending trendline resistance, and make a further push down towards our take profit level, in line with 61.8% Fibonacci retracement and horizontal pullback support.

Prices are facing bearish pressure from horizontal swing high resistance which is in line with 38.2% Fibonacci retracement and 61.8% Fibonacci extension. Prices might push down further towards 1st support which is horizontal swing low support, in line with 100% Fibonacci extension. If prices push up further, prices might face resistance from 2nd resistance which is a swing high resistance which is in line with 50% Fibonacci extension and 161.8% Fibonacci retracement. EMA is also above prices, showing a bearish pressure for prices. Trading Recommendation Entry: 1.27692 Reason for Entry: Horizontal swing high resistance, 38.2% Fibonacci retracement, 61.8% Fibonacci extension Take Profit: 1.26828 Reason for Take Profit: Horizontal swing low support, 100% Fibonacci extension Stop Loss: 1.28119 Reason for Stop Loss: Horizontal swing high resistance, 50% Fibonacci extension, 161.8% Fibonacci retracement

Price has just seen a bearish breakout from the ascending trendline support-turned-resistance, and is now holding below both the moving average and descending trendline resistance, showing bearish pressure. We could potentially see further downside below 1st resistance, in line with 38.2%, 50% Fibonacci retracement, 78.6% Fibonacci extension and descending trendline resistance, towards 1st support, in line with 50% Fibonacci retracement, 100% Fibonacci extension and horizontal swing low support. Trading Recommendation Entry: 0.71861 Reason for Entry: 38.2%, 50% Fibonacci retracement, 78.6% Fibonacci extension and descending trendline resistance Take Profit: 0.71221 Reason for Take Profit: 50% Fibonacci retracement, 100% Fibonacci extension and horizontal swing low support Stop Loss: 0.72144 Reason for Stop Loss: 78.6% Fibonacci retracement, 161.8% Fibonacci extension and horizontal swing high resistance

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