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USDCAD is facing bearish pressure, potential for more downside !

analytics615a94210d550.jpg

Price has made a bearish breakout from the triangle pattern, we are expecting price to push down from 1st resistance at 1.26721 in line with 23.6% Fibonacci resistance and 23.6% Fibonacci extension to 1st support at 1.24934 in line with -0.272% Fibonacci retracement and 100% Fibonacci extension. Our bearish view is further supported by how price is holding below the Ichimoku cloud and MACD is also below the 0 line. Otherwise price may bullish towards the 2nd resistance at 1.273878 in line with 50% Fibonacci retracement and 61.8% Fibonacci extension.

Trading Recommendation

Entry: 1.26721

Reason for Entry:

23.6% Fibonacci resistance and 23.6% Fibonacci extension

Take Profit: 1.24934

Reason for Take Profit:

-0.272% Fibonacci retracement and 100% Fibonacci extension

Stop Loss: 1.273878

Reason for Stop Loss:

50% Fibonacci retracement and 61.8% Fibonacci extension.

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