USDCAD Local S/R| Price Action| .618 Fibonacci| Volume

Evening Traders,

Today’s analysis – USDCAD – trading under local s/r that has technical confluence,

Points to consider,
- Price Action corrective
- Local S/R Resistance
(.618 Fibonacci Confluence)
- 200 MA Resistance
- RSI Bullish Control Zone

USDCAD’s immediate price action is trading under resistance that has technical confluence allowing for a short bias.

The .618 Fibonacci is in confluence with the 200 MA S/R, rejecting here is a greater probability.

The current RSI is trading in its bullish control zone, maintaining these levels are indicative of strength.

Overall, in my opinion, USDCAD is a valid short with defined risk, price action is to be used upon discretion/ management.

Hope this analysis helps

Thank you for following my work

And remember,

“There is a huge difference between a good trade and good trading.” – Steve Burns