FX.co ★ USDCAD reaching key resistance! Pullback incoming!

Price approaching key Fibonacci resistance zone. With stochastic testing resistance where price pulled back in a past, an intraday pullback below 1st resistance at 1.26170 towards ascending trendline support and 1st support at 1.25612 could be likely.

Trading Recommendation

Entry: 1.26170

Reason for Entry:

-27.2% Fibonacci retracement, 78.6% Fibonacci extension

Take Profit: 1.25612

Reason for Take Profit:

50% Fibonacci retracement, ascending trendline support

Stop Loss: 1.26572

Reason for Stop Loss:

-61.8% Fibonacci retracement, 78.6% and 100% Fibonacci extension