USDCAD facing pressure from 1st resistance!

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USDCAD is facing bearish pressure from 1st resistance level , in line with the 100% fib extension and 78.6% fib retracement, where we could see a further drop below this level towards 1st support where the horizontal swing low is. Trendline also shows that price is near resistance.

Trading Recommendation

Entry: 1.2745

Reason for Entry:

100% fib extension and 78.6% fib retracement

Take Profit: 1.2610

Reason for Take Profit:

horizontal swing low support

Stop Loss: 1.2793

Reason for Stop Loss:

horizontal swing high resistance

The material has been provided by InstaForex Company - www.instaforex.com

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