FX.co ★ USD/CAD Trading Recommendations for 27th July 2016

USD/CAD has formed a double top reversal, which just got confirmed. This triggers a bearish move down to 1.3140 which is fractal support (fibonacci retracement + horizontal support). Our entry is at the 50% retracement of 1.3200 with our stop loss at 1.3245.

We can see that the RSI has also broken below its ascending support-turned-resistance line signalling a bearish move from here.

Trading Recommendations:

Sell now and at 1.3200

Stop loss at 1.3245

Take profit at 1.3140