USD/CAD analysis | Sep 13, 2019
On D1/daily time frame: 1.3280 is MPP of USD/CAD
1.3286 is FIB61.8
1.3280-86 is area where price will touch/penetrate trend-predictor and may form stop-grabber.
On H1 time-frame: 1.3281 is closing price of H1 candle made right after BOC statement.
RSI will get overbought by the time USD/CAD enters 1.3280-86 area.
Aggrreisve entry is to place sell limit now.
Conservative entry is to wait for stop grabber to form on D1/daily time-frame and then enter after 25% retracement followed by bearish candle pattern on 15M-30M time-frame.
Risk: If market is still under influence of BOC statement and Fed's rate cut probability, 1.3339 should not be broken. If H1 candle closes above 1.3339, the bearish setup will fail, 1.3339 was high of spike before BOC statement.