FX.co ★ USDCAD facing pressure from 1st resistance, further drop expected !

Price is facing bearish pressure from the first resistance level, in line with the horizontal swing high where we could see a drop to our support level where the horizontal pullback support is. The MACD is also showing further bearishness to come.

Trading Recommendation

Entry: 1.3141

Reason for Entry:

Horizontal swing high , 100% fib retracement

Take Profit :1.3097

Reason for Take Profit:

Horizontal pullback support

Stop Loss: 1.3161

Reason for Stop loss:

Horizontal swing high