FX.co ★ USDCAD broke below ascending trendline support! Drop incoming!

USDCAD broke below ascending trendline support (now resistance). With technical indicators showing room for further bearish downside pressure, a short term drop below 1st resistance at 1.25190 towards 1st support at 1.24747 could be expected.

Trading Recommendation

Entry: 1.25190

Reason for Entry:

50% Fibonacci retracement, moving average resistance

Take Profit: 1.24747

Reason for Take Profit:

-27.2% Fibonacci retracement, graphical swing low support

Stop Loss: 1.25483

Reason for Stop Loss:

Graphical swing high resistance