USDCAD Right At Selling Area, Time To Sell

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.

Put your trading knowledge into action. Create a trading account now.

About the analyst

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.

Disclaimer: The publication of Analytics is a marketing communication and does not constitute investment advice or research. Its content represents the general views of our experts and does not consider individual readers’ personal circumstances, investment experience, or current financial situation. The Analytics is not prepared in accordance with legal requirements promoting independent investment research, and Exness is not subject to any prohibition on dealing before the release of the Analytics. Readers should consider the possibility that they may incur losses. Therefore, Exness is not liable for any losses incurred due to the use of its Analytics.