Buy above 1.2664. Stop loss at 1.2576. Take profit at 1.2844.
Reason for the trading strategy (technically):
Price is now testing our buying level and major support at 1.2664 (Fibonacci extension, Fibonacci retracement, horizontal swing low support) and we expect a bounce from this level up to at least 1.2844 resistance (Fibonacci retracement, horizontal overlap resistance, breakout resistance).
Stochastic (34,5,3) is seeing strong support above 3.9% where we expect a corresponding bounce from.
Reason for the trading strategy (technically):
Price is now testing our buying level and major support at 1.2664 (Fibonacci extension, Fibonacci retracement, horizontal swing low support) and we expect a bounce from this level up to at least 1.2844 resistance (Fibonacci retracement, horizontal overlap resistance, breakout resistance).
Stochastic (34,5,3) is seeing strong support above 3.9% where we expect a corresponding bounce from.
Trade closed manually:
for USDCAD trade we're close to breakeven. I'd look to get out of my position on that as key support is broken. Might be lining up for a stronger drop.