USDCAD double top at 61.8% Fibonacci retracement

USDCAD has so far made a double touch of the 61.8% Fibonacci retracement area of the decline from 1.3565 to 1.3015. Another rejection at this area would be a reversal signal and we could see price fall back towards 1.31-1.3150 again. Until then we remain cautiously bullish.

Short-term trend is bullish in the USDCAD as price has been making higher highs and higher lows since bottoming around 1.30. Support is at 1.3210 and failing to hold above it will be a bearish sign. This will give us a short-term target of 1.31. Resistance is important at recent highs at the 61.8% Fibonacci retracement. Usually trend reverses at this Fibonacci level. So a double top and rejection here would be a bad for bulls. For now there is no rejection confirmed but a weekly close near 1.3230 would imply that a second rejection occurred. The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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