USDCAD Approaching Resistance, Prepare For A Reversal!
Sell below 1.3162.
Stop loss 1.3219.
Take profit at 1.3053.
Reason for the trading strategy (technically):
USDCAD is approaching its resistance at 1.3162 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where it is expected to reversed down to its support at 1.3053 (100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal overlap support).
Stochastic (89, 5, 3) is approaching its resistance at 96% where a corresponding reversal is expected.
Stop loss 1.3219.
Take profit at 1.3053.
Reason for the trading strategy (technically):
USDCAD is approaching its resistance at 1.3162 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where it is expected to reversed down to its support at 1.3053 (100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal overlap support).
Stochastic (89, 5, 3) is approaching its resistance at 96% where a corresponding reversal is expected.