USDCAD bearish dip! | 24th Jan 2022
Prices are on bearish momentum and abiding to our descending trendline. We see the potential for a dip from our area of sell entry at 1.26023 in line with 38.2% Fibonacci retracement and 78.6% Fibonacci extension towards our Take Profit at 1.24549 in line with 100% Fibonacci extension. Prices are facing resistance in our Ichimoku cloud support and also RSI are at levels where dips previously occurred, further supporting our bearish bias.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
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