The price bounced from 1.38000 resistance. RSI reached the oversold zone, and it will be able to confirm the price reversal.
The market looks interesting for selling. We had a solid upward movement from 1.34000, and it can be the right time for a possible pullback.
Sell trades should be opened as close to 1.38000 as possible, and for this, we should use sell signals from hourly timeframes. The breakout below 1.36650 local support will confirm the further downward movement to 1.34000 support. It is the target for sell trades. Stop orders must be placed above 1.38000 resistance.
Disclaimer! This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
@myonline019, why do you think it is a fake signal? Did the price move above 1.38000 and continue the upward movement? Why do you think it is a fake signal? Please, provide any arguments.
UnknownUnicorn3846616
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Don't you think Oil being at this low cost could affect Canadian Dollar's price?
DLavrov
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@Huskee0122, Of course Oil can affect Canadian Dollar, but I have no ideas how it will affect and how long. I'm not sure that even fundamental experts have the clear understanding.