USDCAD right on our selling area, time to sell

FX:USDCAD   U.S. Dollar / Canadian Dollar
Sell below 1.2582. Stop loss at 1.2702. Take profit at 1.2407.
Reason for the trading strategy (technically):
Price is now testing our major resistance area at 1.2582 ( Fibonacci retracement , Fibonacci extension , impulsive Elliott wave structure, horizontal swing high resistance) and we expect a strong reaction from this level to drive price down to 1.2407 support ( Fibonacci retracement , horizontal overlap support). It’s important to note the intermediate support level at 2.2458 ( Fibonacci retracement , breakout level). We can also see a new element formed which is the bearish divergence on price vs RSI , this is always a good signal that a reversal is impending and on the horizon.
RSI (34) sees major resistance at 61% where we expect a corresponding reaction from. We can also see bearish divergence vs price signalling that a reversal is impending.
It is my analysis....
Hello, Is there any update ? Are you sure it will be down to 1.2407?
+1 Reply
Glendooie thdehddns
@thdehddns, I am entering at 1.25604. I've been on the phone for the past hour and USD/CAD is trading on very light volumes. So no updates from me and yes my TPs are 1.24580 and 1.24074 unless I change my mind :-)
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