USDCAD is facing bearish pressure from its 1st resistance at 1.2637, in line with 38.2% fib retracement and horizontal swing high resistance. We could see a further drop below this level towards 1st support where the 127% fib retracement is. EMA is also suggesting that price could drop further.
Trading Recommendation
Entry: 1.2638
Reason for Entry:
38.2% Fibonacci retracement
Take Profit: 1.2571
Reason for Take Profit:
127% fib retracement
Stop Loss: 1.2674
Reason for Stop Loss:
61.8% Fibonacci retracement
