FX.co ★ USDCAD testing key resistance! Pullback incoming!

Price broke out of descending trendline resistance (now support) and tested key fibonacci retracement level and swing high. A short term pullback below 1st resistance at 1.26475 towards 1st support at 1.25387 could be likely.

Trading Recommendation

Entry: 1.26475

Reason for Entry:

61.8% Fibonacci retracement, key swing high resistance

Take Profit: 1.25387

Reason for Take Profit:

61.8% Fibonacci retracement, Descending trendline support

Stop Loss: 1.26719

Reason for Stop Loss:

78.6% Fibonacci retracement