Nice idea on USDCAD and there may bearish bias as you have identified. For our set up, we have identified the key resistance and support levels. Currently, price is testing the resistance level that we have identified at 1.3128, which is just below your stop loss. It is a horizontal overlap resistance with a 100% Fibonacci extension and 78.6% Fibonacci retracement. Stochastic is approaching its resistance at 94.8% and a potential reversal may occur. If a potential reversal does occur, we may want to look closely at the 1.2978 support level, which lies just below the lower limit of your take profit zone. It is a horizontal swing low support with a 100% Fibonacci extension and 50% Fibonacci retracement. Looking forward to seeing how things develop.
Please have a look at our idea and share with us what you think.
Please have a look at our idea and share with us what you think.