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

USDCAD is facing bearish pressure from its 1st resistance at 1.2637, in line with 38.2% fib retracement and horizontal swing high resistance. We could see a further drop below this level towards 1st support where the 127% fib retracement is. EMA is also suggesting that price could drop further.

Trading Recommendation

Entry: 1.2638

Reason for Entry:

38.2% Fibonacci retracement

Take Profit: 1.2571

Reason for Take Profit:

127% fib retracement

Stop Loss: 1.2674

Reason for Stop Loss:

61.8% Fibonacci retracement