USDCAD_chart 04.11On the USD/CAD H4 chart, price tests the previous high. Trend is clearly upward, but we can observe stoppage of further increases on this technically important level. Lower TFs shows a dynamic supply reaction.

We should consider short-term PUT options as in the first case. Decreases here should be a standard corrective move of previous strong rally.

USDCAD_screen 04.11

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Member and editor of Finance Magnates - the biggest FX, and binary options B2B website. A graduate of the University of Economics in Krakow, active publicist since 2012. Technical analysis is always more important to him than the fundamentals – however, he does not reject the importance of macro data. As he assumes that, the simpler the better, he is a strong fan of Price Action trading strategy and Fibonacci retracements.