USDCAD is facing bearish pressure from 1st resistance level , in line with the 100% fib extension and 78.6% fib retracement, where we could see a further drop below this level towards 1st support where the horizontal swing low is. Trendline also shows that price is near resistance.
Trading Recommendation
Entry: 1.2745
Reason for Entry:
100% fib extension and 78.6% fib retracement
Take Profit: 1.2610
Reason for Take Profit:
horizontal swing low support
Stop Loss: 1.2793
Reason for Stop Loss:
horizontal swing high resistance
