MEX_Exchange

USDCAD profit target reached perfectly, prepare to sell

Short
FX:USDCAD   U.S. Dollar / Canadian Dollar
Sell below 1.2844. Stop loss at 1.2900. Take profit at 1.2708.
Reason for the trading strategy (technically):
Price has shot up and reached our profit target perfectly. We prepare to sell on major resistance at 1.2844 (Fiboancci extension, Fibonacci retracement, horizontal overlap resistance) for a push down to at least 1.2708 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,3,1) is seeing major resistance at 98% where we expect a corresponding drop from.
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.