FX.co ★ USDCAD is facing bearish pressure, potential for more downside.

USDCAD is facing bearish pressure from 1st resistance level, in line with the 78.6% fib extension and horizontal pullback resistance, where we could see a further drop below this level towards 1st support where the 127% fib extension is. Ichimoku also shows that price is on resistance..

Trading Recommendation

Entry:1.2631

Reason for Entry:

78.6% fib extension and horizontal pullback resistance

Take Profit: 1.2531

Reason for Take Profit:

127% fib extension

Stop Loss: 1.2705

Reason for Stop Loss:

50% fib retracement