FX.co ★ USDCAD is facing bearish pressure, potential for further downside!

USDCAD is facing bearish pressure from its first resistance at 1.2791, in line with the 23% fib retracement and horizontal overlap resistance, where we could see a further drop above this level towards 1st support where 100% fib extension is. Trendline suggests that a pullback is possible before the drop.

Trading Recommendation

Entry: 1.2791

Reason for Entry:

100% fib extension and horizontal swing high resistance

Take Profit: 1.2736

Reason for Take Profit:

100% fib extension

Stop Loss: 1.2859

Reason for Stop Loss:

horizontal swing high resistance