Clear and significant lower lows and lower highs are drawing a downtrend for USD/CAD. Looking at dollar index in parallel to the USD/CAD price action there are signs of potential upcoming downside leg. Looking out for US and Canadian data between 5.-7. february.
Assisting this is a fibonacci retracement showing a rejection on friday and closing the week just below 1.3250. Knowing that USDCAD likes to consolidate before big data announcements I would place any short entries slightly below 1.3250, at the fib 78.6% level for better risk reward. Stop loss should be atleast 5-15 pips above the previous high point, above our marked tapping zone. I believe we are entering a new bearish cycle on this pair, so this can play out as a medium/long term swing towards 1.31 to 1.30 level.
Now looking for wicks hitting and rejecting the fib 78,6 and the price box zone above 78,6 level for an entry to short this pair.
Assisting this is a fibonacci retracement showing a rejection on friday and closing the week just below 1.3250. Knowing that USDCAD likes to consolidate before big data announcements I would place any short entries slightly below 1.3250, at the fib 78.6% level for better risk reward. Stop loss should be atleast 5-15 pips above the previous high point, above our marked tapping zone. I believe we are entering a new bearish cycle on this pair, so this can play out as a medium/long term swing towards 1.31 to 1.30 level.
Now looking for wicks hitting and rejecting the fib 78,6 and the price box zone above 78,6 level for an entry to short this pair.
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