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How confluence works together on the USDCAD

FX:USDCAD   U.S. Dollar/Canadian Dollar
377 1 6
The current USD/CAD             chart is a great example of how confluence works in trading.


We are missing:
  • Strong bearish momentum break

  • The break of the moving average to the downside

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