Forex Trading Library

Trade of the day -USDCAD – Limited upside within the wedge

0 347

USDCAD – Intraday – We look to Sell at 1.3530 (stop at 1.3570)

Due to an Ending Wedge formation, we continue to treat extended gains with caution. 2 positive daily performances in succession. Posted Mixed Daily results for the last 46 days. The trend of higher highs is located at 1.3536. We have a 78.6% Fibonacci pullback level of 1.3537 from 1.3665 to 1.3068. Immediate signals are hard to interpret. Preferred trade is to sell into rallies.

Our profit targets will be 1.3340 and 1.3300

Resistance: 1.3521 / 1.3535 / 1.3665
Support: 1.3333 / 1.3112 / 1.3068

Leave A Reply

Your email address will not be published.