Intro: USDCAD is testing major resistance and is at a great level to sell from.
Sell below 1.2908. Stop loss at 1.2983. Take profit at 1.2731.
Reason for the trading strategy (technically):
Price is now testing major resistance at 1.2908 (Fibonacci extension, horizontal swing high resistance) and a strong reaction could occur at this level to push price back down towards 1.2731 support (Fibonacci retracement, horizontal overlap support, Fibonacci extension).
Stochastic (34,5,3) is seeing major resistance at 97% where a corresponding reaction could occur.
Sell below 1.2908. Stop loss at 1.2983. Take profit at 1.2731.
Reason for the trading strategy (technically):
Price is now testing major resistance at 1.2908 (Fibonacci extension, horizontal swing high resistance) and a strong reaction could occur at this level to push price back down towards 1.2731 support (Fibonacci retracement, horizontal overlap support, Fibonacci extension).
Stochastic (34,5,3) is seeing major resistance at 97% where a corresponding reaction could occur.