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

Price is facing bearish pressure from the first resistance level, in line with 78.6% fib extension and 50% fib retracement where we could see a drop to our support level where the horizontal swing low is. The EMA is also showing resistance for the price.

Trading Recommendation

Entry: 1.31091

Reason for Entry:

78.6% fib extension and 50% fib retracement

Take Profit :1.3046

Reason for Take Profit:

Horizontal swing low

Stop Loss: 1.3138

Reason for Stop loss:

Horizontal swing high