USDCAD - Bearish Higher Time Frame Swing Materialising
Very simple
-We saw the historical 30+ year ascending trendline hold up as resistance after a fakeout spike higher, red 786% & 618% bearish fib levels are prominent & also holding
-Price is now breaking a medium term ascending TL & has retested successfully
-Recent Weekly candle close saw a confirmation of bearish pressure
=
thus I expect a test of green 618% bullish fib level (1.1225) -
*Invalidation* of short bias is a break back above the broken ascending TL turned resistance or 1.3470 handle
-
Action Plan = Sell all valid 4HR swing highs unless we break above the aforementioned invalidation zone and join in the short term trend reversal
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KISS - Keep it simple, stupid
-We saw the historical 30+ year ascending trendline hold up as resistance after a fakeout spike higher, red 786% & 618% bearish fib levels are prominent & also holding
-Price is now breaking a medium term ascending TL & has retested successfully
-Recent Weekly candle close saw a confirmation of bearish pressure
=
thus I expect a test of green 618% bullish fib level (1.1225) -
*Invalidation* of short bias is a break back above the broken ascending TL turned resistance or 1.3470 handle
-
Action Plan = Sell all valid 4HR swing highs unless we break above the aforementioned invalidation zone and join in the short term trend reversal
-
KISS - Keep it simple, stupid
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