USDCAD testing major resistance, prepare to sell
Sell below 1.2650. Stop loss at 1.2710. Take profit at 1.2453.
Reason for the trading strategy (technically):
Price is testing major resistance at 1.2650 (Fibonacci retracement, horizontal overlap resistance, short term swing high resistance, bearish harmonic formation) and a strong reaction from here would push price down to 1.2453 support (Fibonacci retracement, horizontal overlap support). We have to watch out for intermediate support at 1.2527.
Stochastic (34,5,3) is seeing major resistance at 98% where a corresponding reaction could occur.
Reason for the trading strategy (technically):
Price is testing major resistance at 1.2650 (Fibonacci retracement, horizontal overlap resistance, short term swing high resistance, bearish harmonic formation) and a strong reaction from here would push price down to 1.2453 support (Fibonacci retracement, horizontal overlap support). We have to watch out for intermediate support at 1.2527.
Stochastic (34,5,3) is seeing major resistance at 98% where a corresponding reaction could occur.