USDCAD has quite a great selling opportunity at hand.
1. We have been in a downtrend making Lower Lows and Lower Highs.
2. We have a descending trend line and we have made the magical third touch of this dynamic resistance signalling a potential downside move
3. The third touch of the Trendline aligns with the 61.8 Fibonacci Region signalling a lower swing point forming a lower low.
4. On a lower 1H timeframe we have a potential head and shoulders pattern formation which could drive momentum for price to the downside.
Lastly, if we manage to close below the MA's , I am quite confident that Caddy can drop all the way to 1.25750 making this a 100 pip move.
1. We have been in a downtrend making Lower Lows and Lower Highs.
2. We have a descending trend line and we have made the magical third touch of this dynamic resistance signalling a potential downside move
3. The third touch of the Trendline aligns with the 61.8 Fibonacci Region signalling a lower swing point forming a lower low.
4. On a lower 1H timeframe we have a potential head and shoulders pattern formation which could drive momentum for price to the downside.
Lastly, if we manage to close below the MA's , I am quite confident that Caddy can drop all the way to 1.25750 making this a 100 pip move.