Is USDCAD ready to make its next step lower?
Price is within the 50-61.8 Fibonacci levels. As well it is right up against multi-pivot lines within a bigger overall downtrend. I am looking to short it against the upper parallel of the modified schiff with a target of the lower parallel. I chose this as opposed to the median line because of the nice confluence with the 123.6 fibonacci extension and the median line of the larger modified schiff that has been guiding price for a while.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.