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

USDCAD is facing bearish pressure from its first resistance at 1.2834, in line with the 61.8% fib retracement and trendline resistance, where we could see a further drop below this level towards 1st support where horizontal swing low is. EMA is also suggesting that price could drop further after breaking below the EMA(13).

Trading Recommendation

Entry: 1.2834

Reason for Entry:

61.8% fib retracement and trendline resistance

Take Profit: 1.2766

Reason for Take Profit:

Horizontal swing low

Stop Loss: 1.2874

Reason for Stop Loss:

horizontal swing high resistance