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.
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