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

USDCAD facing bearish pressure, potential for further downside!

USDCAD facing bearish pressure, potential for further downside!

USDCAD is facing bearish pressure from its 1st resistance at 1.2581, in line with 127% fib retracement and horizontal overlap resistance. We could see a further drop below this level towards 1st support where the 161.8% fib retracement is. EMA is also suggesting that price could drop further.

Trading Recommendation

Entry: 1.2581

Reason for Entry:

127% Fibonacci retracement

Take Profit: 1.2523

Reason for Take Profit:

161.8% fib retracement

Stop Loss: 1.2654

Reason for Stop Loss:

50% Fibonacci retracement

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