USDCAD Weekly View: Remain bearish
Sell below 1.3180. Stop loss at 1.3600. Take profit at 1.2500.
Reason for the trading strategy:
We remain bearish below 1.3180 resistance (Fibonacci retracement, bearish pullback) especially with the break of our long term ascending-turned-resistance line signalling a bearish exit to be seen for a drop towards at least 1.2500 support (major swing low support, Fibonacci projection).
MACD has broken a key support-turned-resistance line signalling a drop is expected.
Reason for the trading strategy:
We remain bearish below 1.3180 resistance (Fibonacci retracement, bearish pullback) especially with the break of our long term ascending-turned-resistance line signalling a bearish exit to be seen for a drop towards at least 1.2500 support (major swing low support, Fibonacci projection).
MACD has broken a key support-turned-resistance line signalling a drop is expected.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.