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

Price holding below descending trendline resistance. A further drop below 1st resistance at 1.26594 towards 1st support at 1.26031 can be expected. Technical indicators are showing room for further bearish downside as well..

Trading Recommendation

Entry: 1.26594

Reason for Entry:

61.80% Fibonacci retracement, descending trendline resistance

Take Profit: 1.26031

Reason for Take Profit:

Graphical swing low

Stop Loss: 1.26981

Reason for Stop Loss:

Graphical swing high