Very oversold coming into a .618 and a possible trend-line.
Extremely overbought on the 4 hour. Look for double to with rejection
Fibonacci confluence at the .618 look for market to reverse at this point.
Good chance for reversal here. Bearish Divergence, completed cypher pattern, triple top, and if this pair has a bearish breakout of the flag pattern it looks like a good sell.
Take profit at 1.168 which is right above strong support.
Bearish Divergence coming into strong resistance
What this looks like to me is a great opportunity for a short trend continuation trade. There is strong RSI bearish divergence and the bullish trend is looking as if it has broke with that lower high. How I would to trade this 1) Look for a small rally between the .618 and then look for that rally to reverse at the .382. I would enter short there. 2) Look...
This looks like a solid trend continuation trade to me, one because the pair has had some solid bearish momentum, and secondly because the .382 is a strong resistance back in September where the pair touched this area three times with solid reversal at every one. The .382 usually indicates trend continuation and in this case it's no different. I could be wrong...
If USD/CAD continues to follow this trend then we could be looking at a bearish week for the pair. The trend line runs right into the .618 so I would be watching this pair.