FX.co ★ USDCAD facing pressure from downside confirmation!

USDCAD is facing bearish pressure from its downside confirmation at 1.2671, in line with EW structure where wave 3 ends. We could see a further drop below this level towards 1st support where 100% fib extension is. EMA is also suggesting that price could drop further.

Trading Recommendation

Entry: 1.2671

Reason for Entry:

161.8% fib extension

Take Profit: 1.2547

Reason for Take Profit:

100% fibonacci extension level, EW wave 5 target

Stop Loss: 1.2754

Reason for Stop Loss:

50% fib retracement, EW wave 4 structure