Potential Downside on USD/CAD 4H
USD/CAD seems to have over-extended its rally and has now reached a supply zone which aligns with the 50% – 61.8% Fibonacci retracement of the previous price movement.
It is possible for price to range in this area prior to starting a move to the downside.
Should the momentum carry, we could see a new leg form to the upside.
Entry: Market price – 1.31450
Stop Loss Option 1 / Pivot: 1.31900
Stop Loss Option 2 / Pivot: 1.32250
Take Profit: 1.30300
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