By: John Ursus
Timeframe: W1 Recommendation: Short Position
Entry Zone: 1.0950 – 1.0975
Take Profit Zone: 1.0450 – 1.0520
Stop Loss Zone: 1.1100 – 1.1125
The USDCAD has rallied sharply over the past few trading weeks and recently broke-out above its previous resistance level which has been turned into solid since then and is marked by the light blue box in the chart.
After the breakout the USDCAD has formed a bump-and-run reversal patter as marked by the light red triangle in the above chart and should retrace its gains back down in order to tests its new support level which is also enforced by its ascending Fibonacci retracement level.
