USDCAD Short 4H *Approaching Resistance Zone*
Updated
* USDCAD faces a strong area of resistance. The resistance is visible at D1 timeframe, USDCAD is about to hit a major zone.
*This resistance zone coincides with the +70 % - (Fibonacci area = D1 timeframe) ,
further compounded by the RSI indicating overbought conditions in the D1,4H,2H(+70) timeframes.
* Overbought Conditions on 1D, H4 and H1 time-frames
- Such confluence signals a potential reversal point, particularly considering historical trends that indicate a seasonal decline for USD/CAD at this price range.
This trade is active.
Entry at 1.38101
First TP zone is around 1.375's
2nd TP zone is around 1.370's
These zones are supports at 4H timeframe.
*This resistance zone coincides with the +70 % - (Fibonacci area = D1 timeframe) ,
further compounded by the RSI indicating overbought conditions in the D1,4H,2H(+70) timeframes.
* Overbought Conditions on 1D, H4 and H1 time-frames
- Such confluence signals a potential reversal point, particularly considering historical trends that indicate a seasonal decline for USD/CAD at this price range.
This trade is active.
Entry at 1.38101
First TP zone is around 1.375's
2nd TP zone is around 1.370's
These zones are supports at 4H timeframe.
Trade closed: target reached
Trade is closed, before marked closed yesterday 30+ pips :-)
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