FX.co ★ USD/CAD Trading Recommendations for 2nd August 2016

Price has made a push up and reached our take profit target perfectly from yesterday. We turn bearish now because 1.3130 is a key Fibonacci retracement level + graphical resistance level + Bollinger band resistance. Our 1st take profit is the golden ratio Fibonacci retracement + graphical support and our 2nd take profit is the latest swing low and a very important Fibonacci projection level.

Stochastics is also reacting off our 93% resistance.

Trading Recommendations :

Sell now below 1.3130.

Stop loss at 1.3175.

1st take profit at 1.3070.

2nd take profit at 1.3025.