USDCAD Sells (Limit Order)
Updated
Selling USDCAD at 1.375: Potential Resistance at Fibonacci Level.
Strong Daily Level:
It coincides with a strong daily price level, which has previously acted as support or resistance. Prices often turn around at these levels, so it's a good place to be cautious.
61.8% Fibonacci Retracement:
1.375 also lines up with the 61.8% Fibonacci retracement level. The Fibonacci retracement is a popular technical indicator used to identify potential reversal points in price. The 61.8% level is a particularly strong retracement level, so it adds to the significance of 1.375 as a potential turning point for USDCAD.
Entry: 1.37510
Stop: 1.38004
Profit: 1.3597
Risking 0.5% for a potential 1.5%.
Strong Daily Level:
It coincides with a strong daily price level, which has previously acted as support or resistance. Prices often turn around at these levels, so it's a good place to be cautious.
61.8% Fibonacci Retracement:
1.375 also lines up with the 61.8% Fibonacci retracement level. The Fibonacci retracement is a popular technical indicator used to identify potential reversal points in price. The 61.8% level is a particularly strong retracement level, so it adds to the significance of 1.375 as a potential turning point for USDCAD.
Entry: 1.37510
Stop: 1.38004
Profit: 1.3597
Risking 0.5% for a potential 1.5%.
Trade active
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