USDCAD approaching downside confirmation, potential drop !

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USDCAD approaching downside confirmation, potential drop !

USDCAD approaching downside confirmation, potential drop !

USDCAD approaching downside confirmation, potential drop !

Price is facing bearish pressure from our downside confirmation, where we could see a further drop towards 1st support if price breaks below the downside confirmation at 1.3152. EMA is also showing more bearishness to come.

Trading Recommendation

Entry: 1.3152

Reason for Entry:

100% fib extension

Take Profit :1.3106

Reason for Take Profit: 161.8% fib extension

Stop Loss: 1.3193

Reason for Stop loss:

Horizontal swing high resistance

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.mt5.com/forex_analysis/quickview/184582/