USDCAD broke below trendline resistance! Further drop incoming!

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Price broke below ascending trendline support (now resistance) and is also holding below moving average. A further drop below 1st resistance at 1.27752 towards 1st support at 1.27310 can be expected.

Trading Recommendation

Entry: 1.27752

Reason for Entry:

23.6% Fibonacci retracement, ascending trendline resistance

Take Profit: 1.27310

Reason for Take Profit:

-27.2% Fibonacci retracement

Stop Loss: 1.27903

Reason for Stop Loss:

38.2% Fibonacci retracement

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

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