USDCAD is facing bearish pressure from 1st resistance level, in line with the 61.8% fib extension and 61.8% fib retracement, where we could see a further drop below this level towards 1st support where 50% fib retracement is. Stochastics also shows that price is near resistance.
Trading Recommendation
Entry: 1.2745
Reason for Entry:
61.8% fib extension and 61.8% fib retracement
Take Profit: 1.2684
Reason for Take Profit:
50% fibonacci retracement
Stop Loss: 1.2781
Reason for Stop Loss:
horizontal swing high resistance
