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Thursday, June 22, 2017

USD/CAD: Prepare for Retracement?

It has been quite bearish for several hours. USD/CAD has indicated oversold and prepare to retrace. There is a chance to open a Long position and monitor several resistance levels.

You may use Fibonacci Retracement Levels in order to see its retracement attempts. 

Shall USD/CAD succeed to break above 1.32536 then most probably the pair will continue its retracement scenario and will try to enter "the gray zone" as shown in the following picture. 

The gray zone is in between 1.32616 and 1.32774. 

Shall this scenario happen there, it is recommended to take profit below 1.32774.

However, shall USD/CAD reaches 1.32088 then retracement scenario is failed to occur.