Good morning team,
We are taking a look at the USDCAD this morning as I am expecting a reversal into the bearish trend over the coming days.
USDCAD – 4 Hour Chart
There are a couple of key structures at the 1.28 resistance, the declining pennant structure and also the 23% FIB retracement zone. The RSI and MACD are showing a bearish divergence which is indicating bulls are running out of momentum.
USDCAD – 1 Hour Chart
Trade Setup: SELL market execution, current price 1.2736, stop loss 1.2851 and take profit 1.2400.
Stop loss: 115 pips
Take profit: 336 pips