USDCAD is facing bearish pressure, potential for further downside!

USDCAD is facing bearish pressure from its first resistance at 1.2829, in line with the 61.8% fib retracement and trendline resistance, where we could see a further drop below this level towards 1st support where horizontal swing low is. Trendline suggests that a pullback is possible before the drop.

Trading Recommendation

Entry: 1.2829

Reason for Entry:

61.8% fib retracement and trendline resistance

Take Profit: 1.2763

Reason for Take Profit:

Horizontal swing low

Stop Loss: 1.2877

Reason for Stop Loss:

horizontal swing high resistance