FX.co - USDCAD to retest 1st resistance, potential for further drop!

2020-09-25T15:00:23

Relevance until2020-09-26

USDCAD dropped nicely from our 2nd resistance and might go up to retest the 1st resistance where the 61.8% fib retracement is.

Price could reverse from 1st resistance towards 1st support where the 100% fib extension is. EMA is also showing that more bearishness

is to come.

Trading Recommendation

Entry: 1.3380

Reason for Entry:

61.8% fib retracement

Take Profit: 1.3310

Reason for Take Profit:

100% fib extension

Stop Loss: 1.3415

Reason for Stop Loss:

Horizontal swing high

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Dean Leo

FX.co ★ USDCAD to retest 1st resistance, potential for further drop!