amanpaulbhogal
Short

Bearish divergence on USD/CAD

FX:USDCAD   U.S. Dollar/Canadian Dollar
Using bearish divergence to build a case for reversal trading on USD/CAD             with the following favouring a potential short scenario:

- resistance (3rd touch) at ~1.2800
- bearish high test close below resistance
- price reaches and closes below 1.272 Fibonacci extension
level
- Stochastic and RSI bearish divergence

entry - below low of high test
stop loss - above high of high test (placement is discretionary)
target - 20 or 50 ema , or previous horizontal level

Caution for conservative traders: Fed Chair Janet Yellen testifies at 10:00 EST
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