USDCAD Approaching Support, Prepare For A Bounce
Buy above 1.2566. Stop loss at 1.2458. Take profit at 1.2756.
Reason for trading strategy:
USDCAD is testing its support at 1.2566 (61.8% Fibonacci retracement, 78.6% Fibonacci retracement, horizontal overlap support) where we expect a bounce to happen, pushing price all the way up to its resistance at 1.2756 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal swing overlap resistance). We have also identified another support at 1.2458 (100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) is approaching its support at 1.51% where we expect to see a corresponding bounce.
Reason for trading strategy:
USDCAD is testing its support at 1.2566 (61.8% Fibonacci retracement, 78.6% Fibonacci retracement, horizontal overlap support) where we expect a bounce to happen, pushing price all the way up to its resistance at 1.2756 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal swing overlap resistance). We have also identified another support at 1.2458 (100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) is approaching its support at 1.51% where we expect to see a corresponding bounce.