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AwesomeAvani

USDCAD Retracing Fall from an Ascending Wedge LONG

Long
U.S. Dollar / Canadian Dollar (FX:USDCAD)  
AwesomeAvani  
FX:USDCAD   U.S. Dollar / Canadian Dollar
Trend Analysis Triangle Fibonacci USDCAD longusdcad retracementlevels Fibonacci Retracement
1
0
trendanalysis triangle fibonacci usdcad longusdcad retracementlevels fibonacciretracement
USDCAD

USDCAD on the 15-minute chart in the past week fell in a breakdown from an ascending wedge

and is now sitting on support. I anticipate a reversal to retrace that downtrend with targets

at the Fib 0.5 and Fib 0.618 levels ( also confluent with some horizontal pivot point resistances ).

Targets just below these points of interest are 1.3083 and 1.3104. The stop loss would be

just below the support zone at 1.3. Entry on a buy stop over 1.3044 above the minor resistance.

This is expected to be a short duration day trade setup.

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