Good Afternoon Everyone,
The USDCAD was just rejected at a strong support. I expect further movement to the downside following a correction wave back to the top of the trend-line price has been following. The top of this trend-line also coincides with the .618 Fib-Level.
Entry consideration would be made when price is rejected at the top of the trend-line (1.3200 area). If price breaks through and closes above this trend-line, we may see more bullish upside prior to a move downwards.
Thank you for reading and please be sure to do your own analysis prior to entering trades.
*This is not investment advice but my analysis of the current market conditions*
The USDCAD was just rejected at a strong support. I expect further movement to the downside following a correction wave back to the top of the trend-line price has been following. The top of this trend-line also coincides with the .618 Fib-Level.
Entry consideration would be made when price is rejected at the top of the trend-line (1.3200 area). If price breaks through and closes above this trend-line, we may see more bullish upside prior to a move downwards.
Thank you for reading and please be sure to do your own analysis prior to entering trades.
*This is not investment advice but my analysis of the current market conditions*