USDCAD Approaching Resistance, Prepare For A Reversal
Sell below 1.3097.
Stop loss 1.3152.
Take profit at 1.2977.
Reason for the trading strategy (technically):
USDCAD is approaching its resistance at 1.2977(61.8% Fibonacci extension, 61.8% & 50% Fibonacci retracement, horizontal overlap resistance) where it is expected to reverse down to its support at 1.2977 (61.8% Fibonacci retracement, horizontal overlap support).
Stochastic (89, 5, 3) is approaching its resistance at 99% where a corresponding reversal is expected.
Stop loss 1.3152.
Take profit at 1.2977.
Reason for the trading strategy (technically):
USDCAD is approaching its resistance at 1.2977(61.8% Fibonacci extension, 61.8% & 50% Fibonacci retracement, horizontal overlap resistance) where it is expected to reverse down to its support at 1.2977 (61.8% Fibonacci retracement, horizontal overlap support).
Stochastic (89, 5, 3) is approaching its resistance at 99% where a corresponding reversal is expected.
Penafian
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