FX.co ★ USDCAD is facing bearish pressure, potential for further drop

USDCAD is facing bullish pressure from our upside confirmation at 1.2838, in line with the 78% fib extension and horizontal swing high, where we could see a further bounce above this level towards 1st resistance where 127% fib extension is. EMA also shows that price is on support.

Trading Recommendation

Entry: 1.2838

Reason for Entry:

78% fib extension and horizontal swing high

Take Profit: 1.2931

Reason for Take Profit:

127% fib extension

Stop Loss: 1.2781

Reason for Stop Loss:

horizontal pullback support