FX.co ★ USDCAD holding below descending trendline resistance! Potential for drop!

USDCAD trading within a triangle pattern and testing triangle trendline resistance. A short term drop below 1st resistance at 1.26979 towards 1st support at 1.26497 could be possible. Stochastic also testing resistance where price dropped in the past.

Trading Recommendation

Entry: 1.26979

Reason for Entry:

88% Fibonacci retracement, Descending trendline resistance

Take Profit: 1.26497

Reason for Take Profit:

61.8% Fibonacci retracement, Ascending trendline support

Stop Loss: 1.27318

Reason for Stop Loss:

Graphical swing high resistance