USDCAD a turn at the 0.886 Fibonacci 🦐

Mar 20, 2023

USDCAD on the 1D chart has traded at the recent high.
The price after testing the weekly support at the 1.33 level started an impulse that drive the pair to a new test of the monthly resistance with a spike.

We can notice how the market turned at the 0.886 Fibonacci retracement from the previous recent high to the 1.33 level.

How can i approach this scenario?

I will wait for a potential break of the support area and IF that will happen i will move on the 4h chart to look for a possible short order according to the Plancton's strategy rules.

Mar 23, 2023

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attempting the break

Mar 27, 2023

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looking for a break below after the last doubnle top

Mar 28, 2023

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waiting for a clear break

Mar 29, 2023

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the price has now broke the support and is testing the 50%

Mar 30, 2023

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moving lower as expected

Apr 3, 2023

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perfect call

Apr 4, 2023

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testing an important support

Apr 5, 2023

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possible lower low