USD/CAD – good levels for sale after test and breakout

USD/CAD, H4, trend short.

Break of the former horizontal support, current resistance.

Break of Fibonacci 61.8%.

Breakout test, followed by rebound in a downtrend direction.

Price Action: Hanged man of resistance levels

Technical Indicators:

Indicators give mixed signals.
Price above 50SMA.
Price above 200SMA.
Death cross.
DeMarker, tursn up below 0.3 – positive signal!

SL: 1.32

Alternative scenario: Break of the former horizontal support, current resistance, would turn the price again into bullish trend channel.

Trader – G.Bozhidarov

 Varchev Traders

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