USDCAD is facing bearish pressure from its first resistance at 1.2829, in line with the 61.8% fib retracement and trendline resistance, where we could see a further drop below this level towards 1st support where horizontal swing low is. Trendline suggests that a pullback is possible before the drop.
Trading Recommendation
Entry: 1.2829
Reason for Entry:
61.8% fib retracement and trendline resistance
Take Profit: 1.2763
Reason for Take Profit:
Horizontal swing low
Stop Loss: 1.2877
Reason for Stop Loss:
horizontal swing high resistance
