USDCAD previously rejected a major support/resistance level as well as a weekly fib level and the weekly 200ema.
The way i trade is from one major level to another, so the next tp is 1.20255. But before that, i knew that price could stop and react to this 1.2300 support level, which it did. i entered after seeing the 1H and 4H charts were illustrating a rising wedge, which is a sign that price is indeed going back up, temporarily. The rsi on both timeframes was below 30 (oversold) and the rsi on the 4h was even showing divergence.
I took opportunity of this retracement to what’s most likely a fib level to enter a short term buy before we continue down. Once the buy TP is reached, i’ll look for signs of rejection and take it back down to the original sell TP.