USDCAD forming a strong reversal formation, prepare to sell
Sell below 1.2582. Stop loss at 1.2702. Take profit at 1.2407.
Reason for the trading strategy (technically):
Price is testing major resistance at 1.2582 (Fibonacci retracement, Fibonacci extension, impulsive Elliott wave structure, horizontal swing high resistance) and we expect a strong reaction from this level to drive price down to 1.2407 support (Fibonacci retracement, horizontal overlap support). It’s important to note the intermediate support level at 2.2458 (Fibonacci retracement, breakout level).
RSI (34) sees major resistance at 61% where we expect a corresponding reaction from.
Reason for the trading strategy (technically):
Price is testing major resistance at 1.2582 (Fibonacci retracement, Fibonacci extension, impulsive Elliott wave structure, horizontal swing high resistance) and we expect a strong reaction from this level to drive price down to 1.2407 support (Fibonacci retracement, horizontal overlap support). It’s important to note the intermediate support level at 2.2458 (Fibonacci retracement, breakout level).
RSI (34) sees major resistance at 61% where we expect a corresponding reaction from.