USDCAD Bounced Off Support, Prepare For A Further Rise
Buy above 1.2969.
Stop loss at 1.2937.
Take profit at 1.3010.
Reason for the trading strategy (technically):
USDCAD bounced nicely off its support at 1.2969 (100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 1.3010 (50% Fibonacci retracement, horizontal pullback resistance).
Stochastic (55, 5, 3) is bounced off its support at 3.5% where a corresponding rise could occur.
Stop loss at 1.2937.
Take profit at 1.3010.
Reason for the trading strategy (technically):
USDCAD bounced nicely off its support at 1.2969 (100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 1.3010 (50% Fibonacci retracement, horizontal pullback resistance).
Stochastic (55, 5, 3) is bounced off its support at 3.5% where a corresponding rise could occur.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.