23.02.202111:45 Forex Analysis & Reviews: USDCAD facing bearish pressure, potential for further downside!

Exchange Rates 23.02.2021 analysis

USDCAD is facing bearish pressure from its 1st resistance at 1.2637, in line with 38.2% fib retracement and horizontal swing high resistance. We could see a further drop below this level towards 1st support where the 127% fib retracement is. EMA is also suggesting that price could drop further.

Trading Recommendation

Entry: 1.2638

Reason for Entry:

38.2% Fibonacci retracement

Take Profit: 1.2571

Reason for Take Profit:

127% fib retracement

Stop Loss: 1.2674

Reason for Stop Loss:

61.8% Fibonacci retracement

*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
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