USDCAD profit target reached perfectly, remain bearish
Sell below 1.3485. Stop loss at 1.3551. Take profit at 1.3387.
Reason for the trading strategy (technically):
Price has dropped perfectly from our selling area and has reached our profit target. We prepare to sell further below 1.3485 resistance (Fibonacci retracement, horizontal pullback resistance) for a further push down to 1.3387 support (Fibonacci extension, horizontal swing low support).
RSI (34) is holding really well below our 55% resistance and has good downside potential for our drop.
Reason for the trading strategy (technically):
Price has dropped perfectly from our selling area and has reached our profit target. We prepare to sell further below 1.3485 resistance (Fibonacci retracement, horizontal pullback resistance) for a further push down to 1.3387 support (Fibonacci extension, horizontal swing low support).
RSI (34) is holding really well below our 55% resistance and has good downside potential for our drop.