FX.co ★ USDCAD testing descending trendline resistance! Drop incoming!

Price testing and holding below descending trendline resistance and fibonacci confluence zone. A short term drop below 1st resistance at 1.27593 towards 1st support at 1.27244 could be expected.

Trading Recommendation

Entry: 1.27593

Reason for Entry:

23.6% and 78.6% Fibonacci retracement and descending trendline resistance

Take Profit: 1.27244

Reason for Take Profit:

61.8% Fibonacci retracement and moving average support

Stop Loss: 1.27995

Reason for Stop Loss:

-27.20% Fibonacci retracement and Horizontal swing high resistance