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

Price holding below descending trendline resistance. With technical indicators showing room for further bearish momentum, a drop below 1st resistance at 1.27126 towards 1st support at 1.26504 could be expected.

Trading Recommendation

Entry: 1.27126

Reason for Entry:

61.8% Fibonacci retracement, descending trendline resistance

Take Profit: 1.26504

Reason for Take Profit:

61.8% Fibonacci retracement

Stop Loss: 1.27510

Reason for Stop Loss:

Recent swing high