On the Monthly timeframe we have three rejection candle as price has reached a monthly rejection zone.
On the weekly timeframe we have a two bearish candles with a bullish rejection candle. Price could pullback till 1.27222 or 1.25961 as we are in a short term downtrend. The daily Level lines up with fib level 0.618 so price could reverse from there. they're a lot of buyers around that key level. So selling at that level is risky.
Overall USDCAD is Bullish but expect a pullback to 1.27230. I'm shorting USDCAD to 4 hour support (1.28494) but price could continue further down till Daily Level (1.27230). I am waiting for price to break out of my trend line. I will wait for a confirmation such as bearish candles after breakout on the 30 min candle to short to my TP. If price manage touch weekly Support (1.25961), I will wait for a confirmation and trade back up to the double top created.
The daily Level lines up with fib level 0.618 so price could reverse from there. they're a lot of buyers around that key level. So selling at that level is risky.
On the weekly timeframe we have a two bearish candles with a bullish rejection candle. Price could pullback till 1.27222 or 1.25961 as we are in a short term downtrend. The daily Level lines up with fib level 0.618 so price could reverse from there. they're a lot of buyers around that key level. So selling at that level is risky.
Overall USDCAD is Bullish but expect a pullback to 1.27230. I'm shorting USDCAD to 4 hour support (1.28494) but price could continue further down till Daily Level (1.27230). I am waiting for price to break out of my trend line. I will wait for a confirmation such as bearish candles after breakout on the 30 min candle to short to my TP. If price manage touch weekly Support (1.25961), I will wait for a confirmation and trade back up to the double top created.
The daily Level lines up with fib level 0.618 so price could reverse from there. they're a lot of buyers around that key level. So selling at that level is risky.