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

USDCAD is facing bearish pressure from its first resistance at 1.2873, in line with the 100% fib extension and horizontal swing high resistance, where we could see a further drop above this level towards 1st support where 61.8% fib retracement is. Trendline still supports a bounce after the pullback.

Trading Recommendation

Entry: 1.2873

Reason for Entry:

100% fib extension and horizontal swing high resistance

Take Profit: 1.2799

Reason for Take Profit:

100% fib extension

Stop Loss: 1.2938

Reason for Stop Loss:

horizontal swing high resistance