USDCAD trading within a triangle pattern and testing triangle trendline resistance. A short term drop below 1st resistance at 1.26979 towards 1st support at 1.26497 could be possible. Stochastic also testing resistance where price dropped in the past.
Trading Recommendation
Entry: 1.26979
Reason for Entry:
88% Fibonacci retracement, Descending trendline resistance
Take Profit: 1.26497
Reason for Take Profit:
61.8% Fibonacci retracement, Ascending trendline support
Stop Loss: 1.27318
Reason for Stop Loss:
Graphical swing high resistance
