USDCAD - Daily - Could do with a bit of retracement.
Ideally, I would like to see a bit of SELLing, as we already had a good little run.
I know, that the way I drew that Fibonacci, some could say that it's not quite accurate. Maybe the Extension Fib could be better, but I am trying to keep it simple. Let's assume that Fibonacci is ok. We can see that we have reached 50%, so there could be some SELLing in order to get a better entry point for a future LONG.
The scenario that I am hoping to see is a move back to that this year's August high at around 1.27783 . Certainly, I would like to see a break and close below that level, so that it could test that little upwards trend line.
You could try and enter a position now, but have a good SL around 1.29100 (I know that it's quite a hefty STOP). Don't enter a big position. Instead, enter a small one (you decide what's big or small for you) and the if you see that it wants to make new lows, then enter some more small ones. And then you'll see that you've got quite a good position already.
As always, stay safe and keep an eye on the price action!
I know, that the way I drew that Fibonacci, some could say that it's not quite accurate. Maybe the Extension Fib could be better, but I am trying to keep it simple. Let's assume that Fibonacci is ok. We can see that we have reached 50%, so there could be some SELLing in order to get a better entry point for a future LONG.
The scenario that I am hoping to see is a move back to that this year's August high at around 1.27783 . Certainly, I would like to see a break and close below that level, so that it could test that little upwards trend line.
You could try and enter a position now, but have a good SL around 1.29100 (I know that it's quite a hefty STOP). Don't enter a big position. Instead, enter a small one (you decide what's big or small for you) and the if you see that it wants to make new lows, then enter some more small ones. And then you'll see that you've got quite a good position already.
As always, stay safe and keep an eye on the price action!