Get started
MEX_Exchange

USDCAD Is Testing Its Resistance, Prepare For a Reversal

Short
U.S. Dollar / Canadian Dollar (FX:USDCAD)  
MEX_Exchange  
FX:USDCAD   U.S. Dollar / Canadian Dollar
Harmonic Patterns Trend Analysis Chart Patterns USDCAD USD CAD usdcadshort Forex forexsignals Bitcoin (Cryptocurrency) bitcoinforecast
30
1
harmonicpatterns trendanalysis chartpattern usdcad usd cad usdcadshort forex forexsignals bitcoin bitcoinforecast
Sell below 1.2854. Stop loss at 1.2953. Take profit at 1.2651.
Reason for the trading strategy (technically):
USDCAD is testing its resistance at 1.2854 (100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal overlap resistance) where we expect to see a reversal, causing price to push down to its support at 1.2651 (61.8% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 3) is testing its resistance at 97.7% where we expect to see a corresponding reaction.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.