USDCAD - Continuing down
Price reacting to previous support zone at 1.37-1.38, coinciding with the 0.618 retracement of the last leg down.
Evening star 1H candle formation, bearish divergence and a crossover also supporting short direction.
Stops above 1.328 at top of consolidation zone. First targets at 1.32 in anticipation of more consolidation at this psychological number. Could make this as low as 1.318. 3.75-5 R/R depending on your trade.
I'll be keeping an eye on that area for continuation through 1.32 and onto lower lows at 1.316.
Good luck.
Evening star 1H candle formation, bearish divergence and a crossover also supporting short direction.
Stops above 1.328 at top of consolidation zone. First targets at 1.32 in anticipation of more consolidation at this psychological number. Could make this as low as 1.318. 3.75-5 R/R depending on your trade.
I'll be keeping an eye on that area for continuation through 1.32 and onto lower lows at 1.316.
Good luck.
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