Long on AUDCAD using Fib and trendlines

FX:AUDCAD   Australian Dollar/Canadian Dollar
Using only technical analysis , found some confluence between daily trendlines and a Fib retracement @ 61.80% on a daily chart . I believe that price may bounce on the middle trendline targeting the upper channel resistance trendline . Stop loss is placed on the Fib @ 50%. Will however be prepared for price to break the middle trendline , and in that case wait for the next setup in the direction of the uptrend that is the bounce of the lower support trendline .
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