FX.co ★ USDCAD testing downside confirmation, potential for a further drop!

USDCAD is testing the downside confirmation at 1.3163 where the horizontal swing low is. If price closes below this level, it could indicate further downside to come. MACD is also indicating more bearishness to come.

Trading Recommendation

Entry: 1.3161

Reason for Entry:

horizontal swing low

Take Profit: 1.3119

Reason for Take Profit:

Horizontal pullback support ,61.8% Fibonacci retracement

Stop Loss: 1.3204

Reason for Stop Loss:

61.8% Fibonacci retracement, horizontal swing high