USDCAD holding below descending trendline resistance. Further drop below 1st resistance at 80.718 towards 1st support at 78.869 could be possible. 1st resistance is in line with 61.8% Fibonacci retracement. 1st support finds confluence with graphical swing low support and is in line with the 78.6% Fibonacci retracement. RSI also supports the bearish bias with 3 touches on the descending trendline.
Trading Recommendation
Entry: 80.613
Reason for Entry:
61.8% Fibonacci retracement ,Graphical overlap resistance
Take Profit: 78.869
Reason for Take Profit:
78.6% Fibonacci retracement, Graphical overlap support
Stop Loss: 81.330
Reason for Stop Loss:
78.6% Fibonacci retracement ,Graphical overlap resistance
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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