For this setup we have:
-Supply zone
-Trendline resistance
-Major 50.0 Fibonacci retracement
-Minor 61.8 Fibonacci retracement
-Minor 161.8 Fibonacci extension
-Bearish divergence
Based on the technical setup that has been identified it makes a strong case EURCAD weakness, another key point of confluence for this setup is that Oil has found support at a significant technical level, therefore if Oil prices continue to rise, we should expect CAD strength.
Aggressive SL: 1.47280
Conservative SL: 1.47670
TP1: 1.45790
TP2: 1.45370
TP3: 1.44920
TP4: 1.44150
Please feel free to send me a message in regards to any questions, feedback or suggestions that you may have.
Enjoy!
-Supply zone
-Trendline resistance
-Major 50.0 Fibonacci retracement
-Minor 61.8 Fibonacci retracement
-Minor 161.8 Fibonacci extension
-Bearish divergence
Based on the technical setup that has been identified it makes a strong case EURCAD weakness, another key point of confluence for this setup is that Oil has found support at a significant technical level, therefore if Oil prices continue to rise, we should expect CAD strength.
Aggressive SL: 1.47280
Conservative SL: 1.47670
TP1: 1.45790
TP2: 1.45370
TP3: 1.44920
TP4: 1.44150
Please feel free to send me a message in regards to any questions, feedback or suggestions that you may have.
Enjoy!