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

USDCAD holding below descending trendline resistance, a further drop below 1st resistance at 1.27002 towards 1st support at 1.26389 could be possible. Stochastic is testing resistance where price reacted in the past as well.

Trading Recommendation

Entry: 1.27002

Reason for Entry:

100% Fibonacci expansion ,Graphical swing high resistance

Take Profit: 1.26389

Reason for Take Profit:

61.8% Fibonacci retracement, Graphical overlap support

Stop Loss: 1.27306

Reason for Stop Loss:

-27.2% Fibonacci retracement