FX:USDCAD   U.S. Dollar / Canadian Dollar
Hello Traders

Price action retraced beautifully and landed spot on the mystical 0.618 Fibonacci line. once it went back up it touched 0.618 again!

Im expecting it to go back down to 1.618 which also happens to be near a good support level

Fibonacci works well in the middle of the chart. On the right side, without a proper plan, it seldom works as expected.
+1 Reply
pumapunko vlad.adrian
Of course Fibonacci like any other tool should not be used alone but with other corroborating analytics's. The overbought condition of the RSI, in addition to the strong support at 1.12 as well as a bearish flag pattern make it a likely scenario
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