Usdcadidea
USDCAD Weekly View: Remain bearishSell 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.
USDCAD: Profit target reached perfectly, time to buy againBuy above 1.3200. Stop loss at 1.2990. Take profit at 1.3600.
Reason for the trading strategy:
USDCAD made a bounce up as expected and reached our profit target once again. We remain bullish above 1.3200 support (Fibonacci retracement) for a push up to major resistance level at 1.3600 (horizontal resistance, Fibonacci retracement).
Stochastic (21,5,3) is displaying strong bullish divergence vs price.
USDCAD Daily Key ElementsUSDCAD major levels of resistance:
1.3600 (Fibonacci projection, Fibonacci retracement, horizontal overlap resistance, swing high resistance)
USDCAD major levels of support:
1.2200 (Fibonacci retracement, swing low support)
1.2040 (Fibonacci retracement, Fibonacci projection, swing low support)
1.1400 (Fibonacci projection)
USDCAD technical indicators:
RSI (34) has made a bearish pullback to its resistance line where we expect another reaction from.
