USDCAD reacting below descending trendline resistance! Drop incoming!

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USDCAD reacting below descending trendline resistance. A short term drop below our 1st resistance at 1.26006 towards 1st support at 1.25712 could be possible. Price is holding below moving average resistance as well.

Trading Recommendation

Entry: 1.26006

Reason for Entry:

61.8% Fibonacci retracement, Descending trendline resistance, moving average resistance

Take Profit: 1.25712

Reason for Take Profit:

38.2% Fibonacci retracement

Stop Loss: 1.26237

Reason for Stop Loss:

Graphical swing high

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

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