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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

*A análise de mercado aqui postada destina-se a aumentar o seu conhecimento, mas não dar instruções para fazer uma negociação.

Dean Leo,
Especialista em análise
do Grupo InstaForex © 2007-2021
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