USDCAD is facing bearish pressure from its 1st resistance at 1.2611, in line with 23.6% fib retracement. We could see a further drop below this level towards 1st support where the 161.8% fib retracement is. EMA is also suggesting that price could drop further.
Trading Recommendation
Entry: 1.2611
Reason for Entry:
23.6% Fibonacci retracement
Take Profit: 1.2526
Reason for Take Profit:
161.8% fib retracement
Stop Loss: 1.2663
Reason for Stop Loss:
61.8% Fibonacci retracement
