USDCAD Resistance test and then Sell.
The USDCAD couldn't have confirmed our bearish view two months ago, when we called for a sell opportunity based on the RSI Bearish Divergence (Lower Highs against the price's Higher Highs):
As you see the divergence sell signal was spot on and the previous two times that this was spotted, helped us in a great way to spot this. Right now the price again above its 1D MA50 (blue trend-line) and based on the fractal, as long as it stays above the 1D MA50, it will approach the 1.39860 High. A Double Top there, will confirm all previous three sequences which got rejected on their previous High and hit at least the 1D MA200 (orange trend-line). The max extension on that pull-back is the 0.786 Fibonacci retracement level.
Notice how the RSI Higher Lows trend-line offers Support and the best buy entry in the past 12 months.
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As you see the divergence sell signal was spot on and the previous two times that this was spotted, helped us in a great way to spot this. Right now the price again above its 1D MA50 (blue trend-line) and based on the fractal, as long as it stays above the 1D MA50, it will approach the 1.39860 High. A Double Top there, will confirm all previous three sequences which got rejected on their previous High and hit at least the 1D MA200 (orange trend-line). The max extension on that pull-back is the 0.786 Fibonacci retracement level.
Notice how the RSI Higher Lows trend-line offers Support and the best buy entry in the past 12 months.
-------------------------------------------------------------------------------
** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. **
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You may also TELL ME 🙋♀️🙋♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁
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