USD/CAD has been in a bearish channel for the last 2 months creating a series of Lower Highs and Lower Lows. The Lower Highs have allowed me to drawn in a descending trendline where price has just touched for a 4th time. This is the first confluence that drawn me in to look for a short opportunity. Alongside that my weekly resistance/psychological number (1.3100) which this pair has reversed from several times aligns perfectly with the 4th touch of the trendline. This pair is also in my FIB reversal zone alongside with one of my moving averages which will also act as resistance.
I will monitor the candlestick formation around this region very carefully and move down to the lower time frames for a better trade execution.
I will monitor the candlestick formation around this region very carefully and move down to the lower time frames for a better trade execution.