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.
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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