USD/CAD - Sell Swing Trade (4.75 Risk:Reward)
Hello Traders! Welcome to my post, today we are looking at USD/CAD and we have identified the following confluences to support this high-probability setup:
-Major trendline and counter-trendline intersecting to create a strong area of resistance in conjunction with a minor channel
-Major 78.6 Fibonacci retracement and minor 161.8 Fibonacci extension as strong resistance
-Oversold conditions
Stop Loss: 1.33500
Targets: 1.32000, 1.31800, 1.31600, 1.31200
Risk to Reward Ratio: 4.75
Thank you for reading this idea, I hope you learned something and I hope that this analysis will be beneficial for your trading.
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Feel free to share your opinion in the comments section below or send me a message in regards to any questions, feedback or suggestions that you may have.
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Keep in mind that the analysis provided is not 100% accurate and that you can never be certain with the markets. This information given is not financial advice, always do your own research.
-Major trendline and counter-trendline intersecting to create a strong area of resistance in conjunction with a minor channel
-Major 78.6 Fibonacci retracement and minor 161.8 Fibonacci extension as strong resistance
-Oversold conditions
Stop Loss: 1.33500
Targets: 1.32000, 1.31800, 1.31600, 1.31200
Risk to Reward Ratio: 4.75
Thank you for reading this idea, I hope you learned something and I hope that this analysis will be beneficial for your trading.
If you're interesting in joining my free telegram channel where I provide free trade signals and updates, send me a message on here.
Feel free to share your opinion in the comments section below or send me a message in regards to any questions, feedback or suggestions that you may have.
If you consider this valuable to you, please show your support by hitting the Like button and Follow River Think for trade updates and more trade ideas!
Keep in mind that the analysis provided is not 100% accurate and that you can never be certain with the markets. This information given is not financial advice, always do your own research.
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