FX:USDCAD U.S. Dollar/Canadian Dollar
Trade closed: target reached: 1st Targets off 52pips Banked!
Trade closed: target reached: 84 pips Banked! Great Trade! Have a nice day all of you!
@jhakas what do you think?
I would generally agree with this analysis. Yesterdays high of 1.4061 is unlikely to be reached and a descending trend line comes in at 1.4048 which may trigger a reversal. My target for any reversal would be a new lower low below 1.3901. If price does indeed break through there then we could see a much deeper retracement to key support at 1.3465 (61.8 monthly Fibonacci and previous resistance). If yesterdays high is taken out there's significant resistance coming in at 1.4082 (Weekly Pivot) which is likely to be heavily defended. This being NFP week though, all analysis will be out of the window if we get a significant deviation in Friday's expected 192k print.