27.01.202111:29 Forex Analysis & Reviews: USDCAD is facing bearish pressure, potential for further drop

Exchange Rates 27.01.2021 analysis

USDCAD is facing bearish pressure from 1st resistance level, in line with the 61.8% fib extension and 61.8% fib retracement, where we could see a further drop below this level towards 1st support where 50% fib retracement is. Stochastics also shows that price is near resistance.

Trading Recommendation

Entry: 1.2745

Reason for Entry:

61.8% fib extension and 61.8% fib retracement

Take Profit: 1.2684

Reason for Take Profit:

50% fibonacci retracement

Stop Loss: 1.2781

Reason for Stop Loss:

horizontal swing high resistance

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert
InstaForex Group © 2007-2021
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Show more
Can't speak right now?
Ask your question in the chat.