USDCAD is facing bearish pressure from its first resistance at 1.2834, 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. EMA is also suggesting that price could drop further after breaking below the EMA(13).
Trading Recommendation
Entry: 1.2834
Reason for Entry:
61.8% fib retracement and trendline resistance
Take Profit: 1.2766
Reason for Take Profit:
Horizontal swing low
Stop Loss: 1.2874
Reason for Stop Loss:
horizontal swing high resistance
