USDCAD reacting below descending trendline resistance. A short term drop below our 1st resistance at 1.26006 towards 1st support at 1.25712 could be possible. Price is holding below moving average resistance as well.
Trading Recommendation
Entry: 1.26006
Reason for Entry:
61.8% Fibonacci retracement, Descending trendline resistance, moving average resistance
Take Profit: 1.25712
Reason for Take Profit:
38.2% Fibonacci retracement
Stop Loss: 1.26237
Reason for Stop Loss:
Graphical swing high