USDCAD testing support, potential to rise further!
Price is testing its support at 1.2627 (76.4% Fibonacci retracement, horizontal overlap support) where it could potentially rise to its resistance at 1.2730 (61.8% Fibonacci extension, 50% Fibonacci retracement, 38.2% Fibonacci retracement, horizontal pullback resistance). If it breaks past this level, it could rise further to 1.2829 (76.4% Fibonacci retracement, 50% Fibonacci retracement, 100% Fibonacci extension, horizontal overlap resistance).
RSI (89) shows a bullish breakout as well as a bullish divergence with price which contributes to our bullish bias.
RSI (89) shows a bullish breakout as well as a bullish divergence with price which contributes to our bullish bias.
Trade closed: target reached
USDCAD broke out of its descending resistance line and moved past our first profit target!
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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.