USDCAD: Fib.Analysis & Key Levels

5 Ağu 2020

it looks like USDCAD finally broke below the major rising trend line.
sellers show their willingness to push lower.

here are the next goals:
1.30 - 1.31 zone is the first support.
it is based on structure and 618 of the major bullish weekly leg.

1.28 - 1.29 zone is the second support.
it is purely based on structure.

it looks like the market will soon reach one of these supports so we keep being bearish biased here.

1.33 - 1.34 is the closest resistance cluster.
it is based on a broken trendline, horizontal structure and 50 of the major bullish impulse.


because our key levels are quite wide, trade them only with confirmation on a lower time frame.