Sell signal at area of Confluence on USDCAD
On the USDCAD chart, price has failed to stay above the daily descending trend line (thick orange line above) three times and also coincides with the 88.6% fib retracement of the previous down move.
There is a 2-bar market reversal signal at this area of the trend line. Price broke under the ascending trend line on the 4H chart (thin black line) and is at another, more gradual, trend line on the same time frame (2nd thin black line) where there is also a 78.6% fib retracement lining up.
If price breaks and closes under this more gradual trend line on the 4H chart, this would confirm the price action for a down move toward the weekly ascending trend line (thick blue line).
Target for this trade is when price reaches this area.
There is a 2-bar market reversal signal at this area of the trend line. Price broke under the ascending trend line on the 4H chart (thin black line) and is at another, more gradual, trend line on the same time frame (2nd thin black line) where there is also a 78.6% fib retracement lining up.
If price breaks and closes under this more gradual trend line on the 4H chart, this would confirm the price action for a down move toward the weekly ascending trend line (thick blue line).
Target for this trade is when price reaches this area.
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