USDCAD profit target reached perfectly, prepare to sell
Sell below 1.2803. Stop loss at 1.2860. Take profit at 1.2639.
Reason for the trading strategy (technically):
Price has shot down perfectly and reached our profit target as expected before bouncing up. We prepare to sell below 1.2803 resistance (Fibonacci retracement, horizontal overlap resistance) for a push down to at least 1.2639 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) sees a bit more downside potential to 2.3% where we expect price to drop to.
Reason for the trading strategy (technically):
Price has shot down perfectly and reached our profit target as expected before bouncing up. We prepare to sell below 1.2803 resistance (Fibonacci retracement, horizontal overlap resistance) for a push down to at least 1.2639 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) sees a bit more downside potential to 2.3% where we expect price to drop to.