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How confluence works together on the USDCAD

FX:USDCAD   U.S. Dollar/Canadian Dollar
344 1 5
The current USD/CAD             chart is a great example of how confluence works in trading.

  • The 2-wave uptrend has been slowing >> RSI divergence

  • Price made a triple top

  • Above current price we see a resistance level and the 138 Fib

We are missing:

Don't short just yet, but keep an eye and wait for the confirmed break lower.

Related Ideas

regan.homavazir
6 months ago
Just to point out, in Fibonacci Retracements there is no 76.40%, its 78.60%. Also the retracement taken in the chart is of the rise and not the fall. The retracement placed should actually be inverted as we are trying to understand the depth of the correction (of the rise from 1.24 to 1.31).
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