USDCAD facing pressure from 1st resistance!

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USDCAD is facing bearish pressure from its 1st resistance at 1.2754, in line with the 38% fib retracement and horizontal overlap resistance, where we could see a further drop below this level towards 1st support where161.8% fib extension is. EMA is also suggesting that price could drop further.

Trading Recommendation

Entry: 1.2754

Reason for Entry:

38% fib retracement and horizontal overlap resistance

Take Profit: 1.2687

Reason for Take Profit:

161.8% fibonacci extension level, horizontal swing low support

Stop Loss: 1.2815

Reason for Stop Loss:

Horizontal pullback resistance

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

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