Trading plan for when it reaches the towards monthly red level - As red level is also in confluence with Fib 1.618 of the 1st wave Expecting price to bounce off this level for a pullback. TP1 target at Fib 23.6 retracement for about 130 pips (if CAD is still strong) but lower R:R or TP2 at Fib 38.2 at about 200 pips for better R:R; relative to your risk appetite for your SL.
**Note that price could also spike/ditch way lower than last comparable low to create a bullish price action bar/bars, so if one is aggressive and takes a Buy Limit at the red level, one must be able to withstand the draw down if that happens. Those with low risk appetite should wait for a bullish PA before entering.
(*remember that resistance is a zone, not just a discrete number, last comparable low was 0.83222). After that if bearish PA shows up please refer to previous trade plan at
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A retest of the previous monthly level between the Fib 50 and Fib 61.8 retracement of current leg (wave) is not impossible as it'll be a good retest of the previous red resistance level and the bearish trend. Conservatively, a trade to Fib 23.6/38.2 is as above.