USDCAD bouncing nicely, remain bullish
Buy above 1.3221. Stop loss at 1.3154. Take profit at 1.3387.
Reason for the trading strategy (technically):
Price has bounced off nicely from our buying area yesterday. We remain bullish above 1.3221 support (horizontal swing low support, horizontal overlap support, fake bearish breakout) for a corrective bounce up to 1.3387 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (89,5,3) is seeing strong support above 0.18% where we’re starting to see a nice bounce up from.
Reason for the trading strategy (technically):
Price has bounced off nicely from our buying area yesterday. We remain bullish above 1.3221 support (horizontal swing low support, horizontal overlap support, fake bearish breakout) for a corrective bounce up to 1.3387 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (89,5,3) is seeing strong support above 0.18% where we’re starting to see a nice bounce up from.