MEX_Exchange
Short

USDCAD profit target reached perfectly, watch for a reversal

FX:USDCAD   U.S. Dollar / Canadian Dollar
Sell below 1.2582. Stop loss at 1.2702. Take profit at 1.2407.
Reason for the trading strategy (technically):
Price has shot up and reached our profit target perfectly. We prepare to sell once we reach major resistance at 1.2582 ( Fibonacci retracement , horizontal swing high resistance, Fibonacci extension ) where a strong reaction should push price down to at least 1.2407 support ( Fibonacci retracement , horizontal overlap support).
RSI (34) is seeing major resistance at 61% and a strong corresponding reaction could occur from this level soon.
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