USDCAD reacting below descending trendline resistance. Drop incoming!

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USDCAD reacting below descending trendline resistance. Drop incoming!

USDCAD reacting below descending trendline resistance. Drop incoming!

USDCAD reacting below descending trendline resistance. Drop incoming!

USDCAD reacting below descending trendline resistance. A further drop below the key 61.8% Fibonacci retracement and 1st resistance at 1.25786 towards 1st support at 1.25471 could be possible. Stochastic indicator reacting below resistance as well.

Trading Recommendation

Entry: 1.25786

Reason for Entry:

61.8% Fibonacci retracement, descending trendline resistance

Take Profit: 1.25471

Reason for Take Profit:

61.8% Fibonacci retracement

Stop Loss: 1.26111

Reason for Stop Loss:

Graphical swing high

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

Source : https://www.fx.co/forex_analysis/quickview/216456/