USD/CAD Bullish Reversal
We are setting a buy target at 1.362 for USD/CAD, identified as a key pivot support on the daily chart, where recent indecisive price action has led to sideways congestion. This level presents a strategic entry point, anticipating a potential reversal.
The confirmation of bullish momentum will be signaled by a breakthrough above 1.365. Current trading levels suggest caution, as the risk/reward ratio may not yet favor aggressive positioning. Traders should monitor for a clear move through 1.365 to validate the expected upward trajectory.
Our take profit is set at the 38.2% Fibonacci retracement level of 1.37, aligning with our analysis for a strong upward movement.
The confirmation of bullish momentum will be signaled by a breakthrough above 1.365. Current trading levels suggest caution, as the risk/reward ratio may not yet favor aggressive positioning. Traders should monitor for a clear move through 1.365 to validate the expected upward trajectory.
Our take profit is set at the 38.2% Fibonacci retracement level of 1.37, aligning with our analysis for a strong upward movement.
Adjust stop loss to 1.358