USDCAD: Potential selling opportunity!
Updated
USD/CAD potential sell setup.
Pair has broken the daily Support area of 1.30150. Making that area a new resistance zone, market has been making lower lows in past structure. Patiently waiting the this pair to potentially retrace back into the 0.50 or 0.618 Fibonacci zone. If the pair gets to that zone it can drop to a new lower low into the .127 Fibonacci extension, around the price of 1.29000.
Reasons-
- Pair is in a downtrend
-broke daily support making it into a resistance area.
-US dollar index may be weakening causing the pair to drop to lower levels.
Pair has broken the daily Support area of 1.30150. Making that area a new resistance zone, market has been making lower lows in past structure. Patiently waiting the this pair to potentially retrace back into the 0.50 or 0.618 Fibonacci zone. If the pair gets to that zone it can drop to a new lower low into the .127 Fibonacci extension, around the price of 1.29000.
Reasons-
- Pair is in a downtrend
-broke daily support making it into a resistance area.
-US dollar index may be weakening causing the pair to drop to lower levels.
Note
Pair has reached the "retracement zone". It has pushed higher over the 0.618 Fibonacci retracement but as long as it stays below the .786 fib we are still good on the market prediction.
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