USDCAD: Probably Pulling Back of Resistance Confluence!

FX:USDCAD   U.S. Dollar / Canadian Dollar
2124 12
The pair has been trending strongly higher, however price hits a major resistance juncture and a confluence of long term technical levels.
-161.8 extension level for the latest bearish wave
-Main channel ceiling
-Short term channel ceiling
-Main Horizontal resistance level over the weekly chart

I expect a bearish pullback towards a retest of 1.1455 area as a minimum target.

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I should have had an opposite day on this one. Big move.
Hey Technician, are we waiting for the price to hit the 161.8% extension, in order to take a short position? Thanks!!
Technician moneymaking
It depends on your risk profile, i have shorted after todays move higher at 1.1650
+1 Reply
moneymaking Technician
Awesome, Thanks!!
just entered this short. looks good
hi technician,Thank you so much for this informative idea.
Thanks and Good luck!!
+1 Reply
Technician moneymaking
To u too mate
+1 Reply
IvanLabrie Technician
Bagged some 30 pips in 5m...looks like clear manipulation with the timely release of the bullish US news...go figure ;)
Technician IvanLabrie
yeah it looks a very good level to scalp some shorts around
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