FX.co ★ USDCAD reacting below descending trendline, potential for a further drop!

Price holding below descending trendline and moving average resistance. A drop below 1st resistance at 1.31328 towards 1st support at 1.30864 can be expected.

Trading Recommendation

Entry: 1.31328

Reason for Entry:

Descending trendline resistance, 50% Fibonacci retracement, Moving average resistance

Take Profit: 1.30864

Reason for Take Profit:

-27.2% Fibonacci retracement

Stop Loss: 1.31523

Reason for Stop Loss:

Graphical swing high