USDCAD has broken our ascending support line triggering a bearish move from here.
Sell below 1.2974. Stop loss at 1.3052. Take profit at 1.2731.
Reason for the trading strategy (technically):
Price has broken our ascending support line triggering a bearish exit. We look to sell below major resistance at 1.2974 (Fibonacci retracement, pullback resistance) for a drop towards major support at 1.2731 (Fibonacci retracement, horizontal overlap support).
RSI (55) has made a similar bearish exit and pullback to its ascending support-turned-resistance line signalling that a further drop is likely.