So you have the interest rate announcement after a few minutes, and the Fed Meetings schedules minutes after that. What a day to roll up your sleeves and start working! One of the best pairs for the day would be USDCAD alone, after hitting a major support and having a huge bounce back. USDCAD is currently diverging with USOIL and so much more to come! Stay put and best of luck~
Good call on USDCAD thus far, price has indeed risen. I have identified a similar resistance level as your take profit line, at 1.30974. It is a horizontal overlap resistance, with a 61.8% Fibonacci extension and 61.8% & 50% Fibonacci retracement. Price is currently approaching this resistance level and stochastic is approaching its resistance at 99% where a corresponding reversal may occur. This may be a good opportunity to go short after a sustained bounce. Looking forward to see how things develop.
Please look at my idea and share with me what you think.
Riz_Ezreal
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@ICmarkets, Thank you, ICMarkets! Nice chart there. The 1st resistance seems like a good area for profit-taking, and afterwards we might see a small correction. Won't take long to go up, again. Hopefully should reach the second target too. Nicely done!
Please look at my idea and share with me what you think.