USDCAD | W1 |
This is a potential 175+ pip setup.
Our analysis has been produced from the Trend Based Fibonacci.
The methodology has been reciprocated with price action since April 2016.
The price has now reached our .
The weekly has closed above this level which exhibits a rejection.
This analysis also offers confluence in terms of a positive to neighbouring USD pairs.
Therefore, we foresee momentum with a potential re-test at the supply / distribution zone; at the 1.332XX key level.
After this level has been tested we shall expect price to reverse forming an downtrend.
Please note this is not financial advise.
A total 175 pips reached so far!