SmartTradingFX

My current postiton on USD/CAD

Short
FX:USDCAD   U.S. Dollar / Canadian Dollar
2
Identified potential reversal zone on daily time frame as highlighted on chart. I took a fib retracement from peak high to low and a 0.618 comes in line with this zone too. We were into overbought conditions ( RSI 7 Period) and after a strong upward move surely its time for at least a pull back? Dropping down to my 4 Hour chart there was a re test of our 'potential zone' with a long wick maybe signalling some downward pressure.
Bearish divergence on the RSI also signalling some weakness. Waited for some bearish price action and entered short at 1.15980, SL 1.16800 and TP 1.15000 For just over a 1:1 risk reward. Looking forward to see how this one plays out and any comments are welcomed. Happy trading everyone

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.