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

USDCAD is facing bearish pressure from its 1st resistance at 1.2581, in line with 127% fib retracement and horizontal overlap resistance. We could see a further drop below this level towards 1st support where the 161.8% fib retracement is. EMA is also suggesting that price could drop further.

Trading Recommendation

Entry: 1.2581

Reason for Entry:

127% Fibonacci retracement

Take Profit: 1.2523

Reason for Take Profit:

161.8% fib retracement

Stop Loss: 1.2654

Reason for Stop Loss:

50% Fibonacci retracement