USDCAD Testing Support, Prepare For A Bounce!
Buy above 1.3124.
Stop loss 1.3018.
Take profit at 1.3345.
Reason for the trading strategy (technically):
USDCAD is testing its support at 1.3124 (61.8% & 23.6% Fibonacci retracement, horizontal overlap support) where we expect price to bounce up to its resistance at 1.3345 (horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support at 3.4% where a corresponding bounce could occur.
Stop loss 1.3018.
Take profit at 1.3345.
Reason for the trading strategy (technically):
USDCAD is testing its support at 1.3124 (61.8% & 23.6% Fibonacci retracement, horizontal overlap support) where we expect price to bounce up to its resistance at 1.3345 (horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support at 3.4% where a corresponding bounce could occur.