USDCAD: Watch For Sell Setup A This Key Level

Price has reached at both the 0.382 fib retracement level of the previous impulsive downmove and the upper bond of the correction in which it has been moving for a long period of time. Most likely price will reverse from that point, so for the upcoming week we should watch for a sell setup to complete to short the market. In case price breaks through this level, we should wait for a pullback and watch for longs for a larger orrective structure.

Have a nice trading week..

Comment:

It seems that we will have another rejection of the level today. A good sign that this level is full of sellers.

Comment:

This week is coming to end and we based on my median line analysis we have a sell setup at this pair with price being rejected at a valid slope slide parallel. We better wait for Monday to get involve...