USDCAD Approaching Resistance, Prepare For A Reversal
Sell below 1.3116.
Stop loss 1.3141.
Take profit at 1.3055.
Reason for the trading strategy (technically):
USDCAD is approaching its resistance at 1.3116 (61.8% & 100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where it is expected to reverse down to its support at 1.3055(50% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 3) is approaching its resistance at 96% where a corresponding reversal is expected.
Stop loss 1.3141.
Take profit at 1.3055.
Reason for the trading strategy (technically):
USDCAD is approaching its resistance at 1.3116 (61.8% & 100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where it is expected to reverse down to its support at 1.3055(50% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 3) is approaching its resistance at 96% where a corresponding reversal is expected.