FX.co ★ USDCAD Potential for Bearish Drop to recent swing low

Description :

Looking at the H4 chart, my overall bias for USDCAD is bearish as there is a descending trend line, Looking for a sell entry at 1.34628 where below the overlap support and the recent swing high We are looking to take profit at 1.32754, which is the recent swing low, Stop loss will be placed at 1.35202, where the recent swing high.

Trading Recommendation

Entry: 1.34628

Reason for Entry: recent swing high + descending trend line + 78.6% Fibonacci retracement

Take Profit: 1.32754

Reason for Take Profit:

Recent swing low

Stop Loss: 1.35202

Reason for Stop Loss:

Previous swing high