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.
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Desmond Leong provides technical analysis to the largest banks, hedge funds, and brokers whilst coaching hundreds of aspiring traders. He specializes in providing actionable and accurate analysis that utilizes the most advanced theories.
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