FX.co ★ USD/CAD

In my analysis of the USD/CAD pair, I’m using Fibonacci levels to better understand the current market structure and identify potential trading opportunities. I base the Fibonacci grid on the previous daily candle, where the highest point at 1.37137 represents the 100% level, and the lowest point at 1.36609 corresponds to the 0% level. This setup allows me to reset and evenly stretch the Fibonacci grid each day, which helps in tracking price movements more consistently. I find this approach useful because it highlights repeating patterns and gives a clearer sense of market rhythm. By observing how price reacts around these levels, I can make more informed trading decisions rather than relying on guesswork. At the moment, the current price is around 1.36507, which places it between the -50% level at 1.36345 and the 0% level at 1.36609. This positioning suggests that the market is slightly below the main range, indicating potential bearish pressure. Because of this, I’m focusing on finding selling opportunities within this zone.

The most attractive level for initiating a sell position, in my view, is the 0% level at 1.36609. If the price pulls back to this level, it would offer a better entry with a higher potential reward. It acts as a key resistance point, making it ideal for selling during a retracement. Additionally, the -23.6% level at 1.36484 and the -38.2% level at 1.36407 are also important. These levels tend to act as minor resistance zones where price often reacts. Their proximity to the current price further supports the idea of continued selling pressure in the short term. For profit-taking, I’m targeting the -76.4% level at 1.36206. This level represents a deeper move to the downside and aligns well with the overall bearish bias I’m seeing in the market right now.