0.9636 is a previous high from 16th July.
0.9636 is 61.8% fibonacci retracement on the entire July downswing.
Price bounced off 200 simple moving average on the 4hour chart, also forming a bearish engulfing bar.
Nice confluence for a resistance and a bearish signal. SL at 0.9640, first TP at 0.9520.






now we see a divergence for sell USD and buy CAD.
Stopped out of the trade but I'd still take this type of setup any day of the week :)
Nice, thanks for fibonacci
Nice, thanks for fibonacci
The resistance is so that I will be reversing my trade if price reaches the SL and stays above 0.9640. Too much confluence for me not to consider that scenario as well.