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.
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
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