USDCAD is facing bearish pressure from its first resistance at 1.2791, in line with the 23% fib retracement and horizontal overlap resistance, where we could see a further drop above this level towards 1st support where 100% fib extension is. Trendline suggests that a pullback is possible before the drop.
Trading Recommendation
Entry: 1.2791
Reason for Entry:
100% fib extension and horizontal swing high resistance
Take Profit: 1.2736
Reason for Take Profit:
100% fib extension
Stop Loss: 1.2859
Reason for Stop Loss:
horizontal swing high resistance
