USDCAD - Rejection from 1.31 Psych Level with S/R Zone Retest

OANDA:USDCAD   U.S. Dollar / Canadian Dollar
US/Canadian dollar observed on daily timeframe .

Wednesday's daily closure illustrates a clear rejection of the 1.31 psychological level. By observing higher timeframes we can see this zone is a significant area of multiple price rejections.

Now price has managed to break the zone and complete the retest I am looking to enter a short position on the pair following a strong confirmation candle to the downside. As annotated on my chart we also have a bearish break of triangle giving further indication of where price is likely heading.

We can look to sell to 1.29250 area
Stop loss to be placed around 1.31100 giving good R:R ratio of nearly 1:3


Finally the bears have stepped in and from yesterdays daily closure we finally see some downward movement. Looking to ride this down to the daily low at 1.296!
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out