USDCAD where to buy again - short term

FX:USDCAD   U.S. Dollar / Canadian Dollar
Hello Traders,

This pair was down on Friday even when USD was up most of the day. This is because 3150 zone is a strong resistance zone which is the area of previously broken daily trend line . I don't want predict anything for long term but for a short term trade, I will be looking to buy this pair around 1.2950 area.

This area is confluence of 4 hour trend line support, previous structure support and 61.8 fib of last low and high. Also, RSI is making a divergence. I will be looking for 100 to 120 pip profit with 55 pip stop loss.

Good Luck!

Price failed to break the strong resistance.


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