USDCAD reaching profit target, prepare to sell
Intro: USDCAD has risen strongly towards our profit target, we prepare to sell once it hits major resistance.
Sell below 1.2908. Stop loss at 1.2983. Take profit at 1.2731.
Reason for the trading strategy (technically):
Price has shot up from our buying level towards our profit target as expected. We prepare to sell once price reaches major resistance at 1.2908 (multiple Fibonacci extension, horizontal swing high resistance) for a drop towards 1.2731 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance at 97% where a corresponding reaction could occur.
Sell below 1.2908. Stop loss at 1.2983. Take profit at 1.2731.
Reason for the trading strategy (technically):
Price has shot up from our buying level towards our profit target as expected. We prepare to sell once price reaches major resistance at 1.2908 (multiple Fibonacci extension, horizontal swing high resistance) for a drop towards 1.2731 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance at 97% where a corresponding reaction could occur.