ForexPinnacle
Long

USDCAD Looking to go LONG at around 1.280

FX:USDCAD   U.S. Dollar/Canadian Dollar
Price is currently entering a Daily support zone , I am expecting buyers to come in at the 78.6% Fibonacci level where the lower trend line of the downward channel could also come into play. The Daily 200 smooth moving average lies just beneath the support level and the 78.6% Fibonacci level. The 200% Fibonacci extension level (Aqua Blue Line) could also be worth keeping an eye on. Furthermore looking at RSI and it would appear that price is currently oversold on the 1 hour time frame, whilst nearly reaching oversold levels on the 4 hour time frame.
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