USDCAD is facing bearish pressure from its 1st resistance at 1.2581, in line with 127% fib retracement and horizontal overlap resistance. 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: 1.2581
Reason for Entry:
127% Fibonacci retracement
Take Profit: 1.2523
Reason for Take Profit:
161.8% fib retracement
Stop Loss: 1.2654
Reason for Stop Loss:
50% Fibonacci retracement
