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USDCAD reacting at descending trendline resistance! Drop incoming!

analytics60a4d1d3bcf1e.jpg

USDCAD holding below descending trendline resistance and moving average. A short term drop below 1st resistance at 1.20815 towards 1st support at 1.20483 could be possible.

Trading Recommendation

Entry: 1.20815

Reason for Entry:

61.8% Fibonacci retracement, descending trendline resistance

Take Profit: 1.20483

Reason for Take Profit:

50% Fibonacci retracement

Stop Loss: 1.21050

Reason for Stop Loss:

76.4% Fibonacci retracemen

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