FX.co ★ USDCAD facing pressure from 1st resistance, further drop expected !

Price is facing bearish pressure from the first resistance level, in line with 127% fib retracement and horizontal swing high where we could see a drop to our support level where the 78% fib retracement is. Stochastics is also showing resistance to the price.

Trading Recommendation

Entry: 1.3267

Reason for Entry:

127% fib retracement ,horizontal swing high

Take Profit :1.3293

Reason for Take Profit:

78% fib retracement

Stop Loss: 1.3346

Reason for Stop loss:

Horizontal swing high