USD/CAD continues moving lower producing lower lows and
lower highs. Price managed to break below the descending channel but yet has
not tested nor rejected any of the support levels.
The Fibonacci applied to the channel breakout point shows
that after the channel breakout price corrected up and today rejected the R1
resistance level, which is the 61.8% Fibs (1.2900)
Consider selling USD/CAD while price is near R1, targeting
the nearest support area near S2 (1.2700). The stop loss should be well above
R1, at 1.2950 or higher.
Support: 1.2800, 1.2700, 1.2580, 1.2380
Resistance: 1.2900, 1.3020
The material has been provided by InstaForex Company – www.instaforex.com
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