USDCAD Perfect Sell Opportunity Explained Trend and Fibo Levels

Hey Friends,
Today first Friday of month "Nonfarm Payroll" data is about to release within the next 8 hours. By looking at USDCAD daily chart. pair is entering into the resistance zone.

1.33150 to 1.33400 and possible spikes and shadows up to 1.33800.

Whatever the nonfarm data result will be, But the market is possible to make spike/shadow high around 1.33400 or 1.33800 then return back down to continue its long term downtrend.

If we set a Fibonacci retracement from the previous weekly high @1.35644 of 26th May 2019 to last dip low of @1.29508 of 29th Dec 2019 it gives us 61% Retracement Level @1.33300.

So it is highly possible to reverse price action around above 61% level @1.33300. Here we have a strong sell possibility.

My idea is to set two sell stops from 1.33400 and 1.33800 with SL of 1.34500.
By using a proper risk management plan of around 1% or 2% Risk on the above trades we can easily make 3% to 5% profit.

What are your thoughts on the above idea please friends give a thumbs up if you like my work so I can publish more ideas like this in upcoming days and comment below if you have anything to say on this idea.

You can contact me at Telegram @ALPHAMAN17

Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.