USDCAD is facing bearish pressure from its downside confirmation at 1.2671, in line with EW structure where wave 3 ends. We could see a further drop below this level towards 1st support where 100% fib extension is. EMA is also suggesting that price could drop further.
Trading Recommendation
Entry: 1.2671
Reason for Entry:
161.8% fib extension
Take Profit: 1.2547
Reason for Take Profit:
100% fibonacci extension level, EW wave 5 target
Stop Loss: 1.2754
Reason for Stop Loss:
50% fib retracement, EW wave 4 structure
