USDCAD: Watch For Sell Setup A This Key Level

FX:USDCAD   U.S. Dollar / Canadian Dollar
2513 5 60
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...
somehow topside looks breached to me
looking constructive with usd up and oil down as well
+1 Reply
Great analysis im planning on the same.
Fxprotrader nxtleveltrader
Thank you mate, good to know..
margaux Fxprotrader
How would I look for the Sell set up to complete? Possible to short the USD/CAD pair at these levels above 1.33?
It depends on your strategy. What is your risk/reward ratio for your setups? Where will you place your stoploss? Do you have a specific pattern you use to enter the market? All these and more than these questions will help you define how you should enter the market. I hope that this helps :)
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