FX.co ★ USDCAD holding below descending trendline! Further drop incoming!

Price is holding below descending trendline resistance. A short term drop below 1st resistance at 1.28466 towards 1st support at 1.27899 could be likely. Stochastics is testing resistance where price reacted in the past as well.

Trading Recommendation

Entry: 1.28466

Reason for Entry:

61.8% Fibonacci retracement and descending trendline resistance

Take Profit: 1.27899

Reason for Take Profit:

horizontal swing low support

Stop Loss: 1.28814

Reason for Stop Loss:

100% Fibonacci extension and horizontal swing high resistance