USDCAD has been exhibiting a bearish trend, with a recent downward price movement that tested the key resistance level of 1.34000.
However, the price retraced to the 50% Fibonacci retracement level of the previous impulse, which could potentially act as a barrier to further upward movement. This retracement also coincides with the price moving back over a daily support level, suggesting a potential lower low move.
As a trader with a short outlook, you may be anticipating a lower low, indicating further bearish momentum. If the price breaks below the daily support level, it could confirm the bearish bias and provide an opportunity for a short order entry according to the Plancton's strategy. This could be supported by the previous resistance level of 1.34 acting as a barrier, and the 50% Fibonacci retracement level acting as a potential resistance.
However, the price retraced to the 50% Fibonacci retracement level of the previous impulse, which could potentially act as a barrier to further upward movement. This retracement also coincides with the price moving back over a daily support level, suggesting a potential lower low move.
As a trader with a short outlook, you may be anticipating a lower low, indicating further bearish momentum. If the price breaks below the daily support level, it could confirm the bearish bias and provide an opportunity for a short order entry according to the Plancton's strategy. This could be supported by the previous resistance level of 1.34 acting as a barrier, and the 50% Fibonacci retracement level acting as a potential resistance.
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