USDCAD right on major support, time to buy
Buy above 1.2966. Stop loss at 1.2893. Take profit at 1.3164.
Reason for the trading strategy (technically):
Price is now testing major support at 1.2966 (multiple Fibonacci extensions, horizontal swing low support, Elliott wave theory) and we expect a bounce above this level to at least 1.3164 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is seeing major support above 1% where we expect a bounce from.
Traders Dynamic Index is crossing nicely above our signal line (red) and our channel (blue) signalling that a bounce is impending.
Reason for the trading strategy (technically):
Price is now testing major support at 1.2966 (multiple Fibonacci extensions, horizontal swing low support, Elliott wave theory) and we expect a bounce above this level to at least 1.3164 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is seeing major support above 1% where we expect a bounce from.
Traders Dynamic Index is crossing nicely above our signal line (red) and our channel (blue) signalling that a bounce is impending.