FX.co ★ USDCAD holding below descending trendline resistance, further drop expected!

USDCAD holding below descending trendline resistance and also moving average. A short term drop below 1st resistance at 1.33806 towards 1st support at 1.33457 is possible.

Trading Recommendation

Entry: 1.33806

Reason for Entry:

50% fib retracement, moving average

Take Profit : 1.33457

Reason for Take Profit:

100% fib retracement

Stop Loss: 1.33964

Reason for Stop loss:

Recent swing high