FX.co ★ AUDCAD is facing bearish pressure, potential for further downside!

Price is approaching our descending trendline resistance and 1st resistance at 0.98094, in line with our 61.8% Fibonacci retracement and 100% Fibonacci extension. Price could potentially reverse at our 1st resistance and drop further towards our 1st support at 0.97739, which is in line with our 61.8% Fibonacci extension. It is also worth noting that price continues to hold below the Ichimoku cloud, which shows bearish pressure in line with our bearish bias.

Trading Recommendation

Entry: 0.98094

Reason for Entry:

100% Fibonacci extension, 61.8% Fibonacci retracement and horizontal pullback resistance

Take Profit: 0.97739

Reason for Take Profit:

61.8% Fibonacci extension and horizontal swing low support

Stop Loss: 0.98282

Reason for Stop Loss:

161.8% Fibonacci extension and horizontal swing high resistance