DayTradingSignals
Short

USDCAD - DOWNSIDE ON DAILY TIMEFRAME

FX:USDCAD   U.S. Dollar / Canadian Dollar
We may have a short consolidation period whilst we wait for the SMA's to complete their moves, however downside seems to be present for this pair on a mid to long term basis based off of the death cross beginning to form on the daily time frame between the 50 and 100 SMA's.

Further we have a clear rejection on the fibonacci retracement scale, acting as resistance. We may see a retest of this zone during the consolidation period however it is likely to fail and complete its downside action as and when 200 SMA crosses through the 50 SMA line.
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