USDCAD facing bearish pressure, potential for further downside!

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USDCAD facing bearish pressure, potential for further downside!

USDCAD facing bearish pressure, potential for further downside!

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

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

Source : https://www.fx.co/forex_analysis/quickview/208253/