USD/CAD: 1-hour
Aha! Here’s my favorite break-and-retest setup forming on USD/CAD’s 1-hour forex chart! The pair has been on a tear in the past week, climbing close to the 1.1400 handle before pulling back. USD/CAD might retreat until the 1.1200 area, which is close to the 50% and 61.8% Fibonacci retracement levels and a former resistance zone. A bounce could take place sooner or later since stochastic is already in the oversold region, although it could still move a little lower. Better wait for reversal candlesticks around the 1.1200 mark or 61.8% Fib if you’re thinking of going long.
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