USDCAD SELL OPPORTUNITY AT MM3 AND ROLE REVERSAL ON THE DAILY CHART WITH AN OVERBOUGHT STOCHASTICS @ THE 61.8 FIB LEVEL.
On the D1 time frame we can clearly see that there is major resistance on the USDCAD and this could possibly mean down for the month. I am also a bull on CAD because of they have been looking very hawkish in the year of 2017 raising interest rates twice already and with the dollar, markets are not certain on whether the fed will raise interest rates in December or not. As a bear i will be looking for a reversal on the lower time frames or wait for a 5/8 cross to the down side with stochastics also coming out of overbought conditions
The H4 sows an uptrend that seems to be developing but bulls can not be blind to the fact that we are at resistance. Will they take profit and maybe this comes down? only time will tell, patience and discipline is key at times like these. A break of 1.242 to the down side will confirm that we are reversing and possibly heading down. I will wait for a pull back/role reversal and sell
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Graduate in Bcom Human Resources Management. I am a full time Currency Trader and Market Analyst using technical and fundamental analysis, I have been trading in the Forex market since 2016. I am also a part time student at the University of Johannesburg studying Finance and Investment Management. I am always looking to learn and improve my skills as a professional, consistent and successful Trader & Investor for above average returns and a better understanding of the financial industry and financial markets.