USD/CAD Fibonacci Sell From The GAP

FX:USDCAD   U.S. Dollar / Canadian Dollar
The USD/CAD was the story of the Sunday/Monday forex session. Trade opened the week GAP down, sending forex players to their screens en masse.

For the remainder of the week, sell orders queued up from beneath the 38% retracement at 1.2894 are a good way to play resistance with the trend and rotation in the GAP. Using an initial stop at 1.2926, this trade produces 32 pips on a rotation back toward the bear.

Here it is:

1)Entry: Sell 1.2894
2)Stop Loss: 1.2926
3)Profit Target: 1.2862
4) Risk vs Reward: 1/1
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