USDCAD approaching key Fibonacci extension. With stochastic testing resistance where price dropped in the past, a short term drop below our 1st resistance at 1.21774 towards 61.8% Fibonacci retracement, ascending trendline support and 1st support at 1.21238 is possible.
Trading Recommendation
Entry: 1.21774
Reason for Entry:
100% Fibonacci extension
Take Profit: 1.21238
Reason for Take Profit:
61.8% Fibonacci retracement, ascending trendline support
Stop Loss: 1.22038
Reason for Stop Loss:
-27.2% Fibonacci retracement
The material has been provided by InstaForex Company - www.instaforex.com