Big drop of the USD/CAD
A few days ago price was held within an ascending wedge. Then price broke out of the trendline causing an intense bearish move.
Price is now in a correction phase, currently rejecting higher prices due to resistance zone that used to be a well-respected support.
I'm not a big fan of Fibonacci levels, but for those of you who use it, price is currently rejecting the 50% level.
SL is placed above the highs of previous candles, and TP is placed just at a sensitivity area where price could find some support.
Others TP could be placed within the profit zone at the level of previous lows of the ascending wedge.
Good luck
Price is now in a correction phase, currently rejecting higher prices due to resistance zone that used to be a well-respected support.
I'm not a big fan of Fibonacci levels, but for those of you who use it, price is currently rejecting the 50% level.
SL is placed above the highs of previous candles, and TP is placed just at a sensitivity area where price could find some support.
Others TP could be placed within the profit zone at the level of previous lows of the ascending wedge.
Good luck
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