FX.co ★ USD/CAD dropping perfectly, remain bearish

USD/CAD continues to drop perfectly towards our profit target and has made a nice bearish exit signalling that a change in momentum is expected. We remain bearish looking to sell below 1.3482 resistance (Fibonacci retracement, pullback resistance, swing high resistance) for a further push down to 1.3387 support (Fibonacci extension, horizontal swing low support, Elliott wave theory).

RSI (55,5,3) is seeing strong resistance below the 55% level where we expect to see further bearish movement. We also see a recent bearish exit signalling that a change in momentum to bearish is expected.

Sell below 1.3482. Set stop loss at 1.3543 and take profit at 1.3387.