USDCAD Approaching Support, Prepare For A Bounce
USDCAD is approaching its support area, we can expect a bounce soon.
Buy above 1.2744. Stop loss at 1.2603. Take profit at 1.3122.
Reason for the trading strategy (technically):
Price is approaching its buying level support at 1.2744 (38.2% Fibonacci retracement, 50% Fibonacci retracement, 61.8% Fibonacci extension) where we expect a bounce from to push prices all the way up to major resistance at 1.3122 horizontal swing high resistance). We do have to be cautious about intermediate resistance at 1.2939 (50% Fibonacci retracement).
Stochastic (55, 5, 3) is seeing a nice support at 1.76% where we expect prices to bounce when it’s around that level.
Buy above 1.2744. Stop loss at 1.2603. Take profit at 1.3122.
Reason for the trading strategy (technically):
Price is approaching its buying level support at 1.2744 (38.2% Fibonacci retracement, 50% Fibonacci retracement, 61.8% Fibonacci extension) where we expect a bounce from to push prices all the way up to major resistance at 1.3122 horizontal swing high resistance). We do have to be cautious about intermediate resistance at 1.2939 (50% Fibonacci retracement).
Stochastic (55, 5, 3) is seeing a nice support at 1.76% where we expect prices to bounce when it’s around that level.