USDCAD testing major support, remain bullish
Buy above 1.3221. Stop loss at 1.3154. Take profit at 1.3387.
Reason for the trading strategy (technically):
Price continues to drop strongly and seems to have turned a corner recently. 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 (55,5,3) 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 continues to drop strongly and seems to have turned a corner recently. 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 (55,5,3) is seeing strong support above 0.18% where we’re starting to see a nice bounce up from.