USDCAD Testing Resistance, Prepare For Reversal
Sell below 1.3115.
Stop loss at 1.3143.
Take profit at 1.3064.
Reason for the trading strategy (technically):
USDCAD is testing its resistance at 1.3115 (100% Fibonacci extension, 78.6% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 1.3064 (23.6% Fibonacci retracement, horizontal overlap support) is expected.
Stochastic (55, 5, 3) has reversed off its resistance at 96% where a corresponding drop is expected.
Stop loss at 1.3143.
Take profit at 1.3064.
Reason for the trading strategy (technically):
USDCAD is testing its resistance at 1.3115 (100% Fibonacci extension, 78.6% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 1.3064 (23.6% Fibonacci retracement, horizontal overlap support) is expected.
Stochastic (55, 5, 3) has reversed off its resistance at 96% where a corresponding drop is expected.