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

USDCAD is facing bearish pressure from its 1st resistance at 1.2713, in line with 61.8% fib retracement and 78.6% fib retracement. We could see a further drop below this level towards 1st support where the horizontal pullback support is.Trendline is also suggesting that price could drop further.

Trading Recommendation

Entry: 1.2713

Reason for Entry:

61.8% and 78.6% Fibonacci retracement

Take Profit: 1.2647

Reason for Take Profit:

horizontal pullback support

Stop Loss: 1.2756

Reason for Stop Loss:

horizontal swing high