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

Price is facing bearish pressure from the first resistance level, in line with 61.8% fib retracement and horizontal swing high where we could see a drop to our support level where the 61.8% fib retracement and horizontal overlap support are. Stochastics is also showing that more bearishness is possible.

Trading Recommendation

Entry: 1.3203

Reason for Entry:

61.8% fib retracement and horizontal swing high

Take Profit :1.3119

Reason for Take Profit:

61.8% fib retracement

Stop Loss: 1.3257

Reason for Stop loss:

Horizontal swing high