USDCAD is facing bearish pressure from its first resistance at 1.2873, in line with the 100% fib extension and horizontal swing high resistance, where we could see a further drop above this level towards 1st support where 61.8% fib retracement is. Trendline still supports a bounce after the pullback.
Trading Recommendation
Entry: 1.2873
Reason for Entry:
100% fib extension and horizontal swing high resistance
Take Profit: 1.2799
Reason for Take Profit:
100% fib extension
Stop Loss: 1.2938
Reason for Stop Loss:
horizontal swing high resistance
