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MEX_Exchange
Jun 21, 2017 1:58 AM

USDCAD bouncing nicely, remain bullish Long

U.S. Dollar/Canadian DollarFXCM

Description

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.
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