Sell below 1.2927. Stop loss at 1.3000. Take profit at 1.2754.
Reason for trading strategy:
USDCAD is testing its resistance at 1.2927 (61.8% Fibonacci retracement, horizontal overlap resistance) where we expect to see a reversal, causing price to fall to its support at 1.2754 (38.2% Fibonacci retracement, horizontal overlap support).
Stochastic (34, 5, 3) is approaching resistance at 96% where a corresponding reversal is expected. We have also identified a bearish divergence with price which contributes to our bearish bias.
Hi @MEX_Exchange, is this trade still active for you? Usually what sort of a time period does this play out within? A few days or week? I am asking because I am new to trading this pair. Thank you for the great charts.