USDCAD Sell opportunity arising a little higher.

1 באוג׳ 2023

USDCAD is trading inside a Channel Down pattern for nearly 5 months.

The price is currently on the 1day MA50 for the first time since July 7th and second since June 1st. Obviously a strong Resistance.

The technical rejection zone however lies a little higher inside the range consisting of the 1.33845 Resistance (previous High) and the 0.618 Fibonacci level (1.34340). This is where the last Lower High was rejected.

The 1day RSI is already near its own Resistance, same as the May 25th Lower High rejection.

As a result, starting to sell when it touches it and scale sells up until the 0.618 Fibonacci, is a valid approach.

Target Support A at 1.30950 and after a rebound, Support B at 1.29555 for a technical Lower Low.

Previous chart:

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