USDCAD has been trading sideways and is now testing previous resistance from 28 AUG 15(1.33513). This pair still has some juice left and If price action closes above 1.33513 it is likely to spike into and find major resistance at the 0.618 Fibonacci level 1.34443 made from 1.61867(01 JAN 02 High) to 0.90354(01 NOV 07 Low). I have identified the potential top to be somewhere in between 1.34443 to 1.37127, both prices are backed by major structure levels. As of now i am sitting on the sidelines and waiting to see if it reaches the 0.618 fib level 1.3443 where i will then look for shorting opportunities.
USDCAD
USDCAD