FX.co ★ USDCAD holding below descending trendline resistance! Drop incoming!

USDCAD holding below descending trendline resistance. With technical indicators showing room for further drop, a further push lower below our 1st resistance at 1.25702 towards our 1st support at 1.25008 could be possible.

Trading Recommendation

Entry: 1.25702

Reason for Entry:

23.6% Fibonacci retracement, moving average resistance

Take Profit: 1.25008

Reason for Take Profit:

-61.8% Fibonacci retracement, 100% Fibonacci extension

Stop Loss: 1.26373

Reason for Stop Loss:

Graphical swing high