MEX_Exchange
Short

USDCAD forming a really strong reversal, remain bearish

FX:USDCAD   US-Dollar / Kanadischer Dollar
Sell below 1.2654. Stop loss at 1.2766. Take profit at 1.2270.
Reason for the trading strategy (technically):
Price is now testing major resistance at 1.2654 (61.8% Fibonacci retracement , 61.8% Fibonacci extension , Impulsive Elliott wave structure, horizontal overlap resistance, bearish price action) and a strong reaction could occur at this level to push price down towards 1.2270 support ( Fibonacci extension , horizontal swing low support). We have to keep a watch out on intermediate support at 1.2382 ( Fibonacci retracement , horizontal overlap support) where another bounce might occur.
Stochastic (55,5,3) is seeing major resistance at 96% where a corresponding reaction could occur.

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Great TA.
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Dropping like a stone, thanks guys :-)
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dlau Glendooie
@Glendooie, no its not, im in so much drawdown
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@dlau, "Dropping lke a stone" is just an expression. What does, "m in so much drawdown " mean? You're right, BTW, it appears to have been floating down like a feather. In fact, I've seen feathers fall faster than this pair, but I'm still in :-)
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