theforexarmy

USDCAD Approaching Resistance, Prepare For A Reversal

Short
FX:USDCAD   U.S. Dollar / Canadian Dollar
Sell below 1.2891.
Stop loss 1.2955.
Take profit at 1.2791.
Reason for the trading strategy (technically):
USDCAD is approaching its resistance at 1.2891(61.8% Fibonacci extension , 38.2% & 23.6% Fibonacci retracement , horizontal overlap resistance) where it is expected to reverse down to its support at 1.2791 (horizontal swing low support).
Stochastic (55, 5, 3) is approaching its resistance at 96% where a corresponding reversal is expected.

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