USDCAD Psfp| Weekly S/R| .618 Fibonacci| Price Action

FX:USDCAD   U.S. Dollar / Canadian Dollar
Evening Traders,

Today’s analysis – USDCAD- trading towards a key support region that has technical confluence

Points to consider,
- Price Action Corrective
- Weekly S/R Support
- .618 Fibonacci Support
- Swing Failure Region

USDCAD’s immediate price action is trading towards its Weekly S/R that has technical confluence with the .618 Fibonacci and market lows, allowing for a bullish bias.

The immediate objective is the POC, exceeding this level will lead to a trend continuation.

The current volume is below average, an influx is needed once testing support, this will be an indication of market strength.

Overall, in my opinion, USDCAD is a valid long with defined risk, price action is to be used upon discretion/ management.

Hope this analysis helps

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