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USD/CAD: massive zone of support reached. Middle-term reversal?

Long
U.S. Dollar / Canadian Dollar (FX:USDCAD)  
Investroy  
FX:USDCAD   U.S. Dollar / Canadian Dollar
Support and Resistance Supply and Demand Fibonacci USDCAD priceaction Technical Analysis forextrading Fibonacci Retracement investroy
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supportandresistance supplyanddemand fibonacci usdcad priceaction technicalanalysis forextrading fibonacciretracement investroy
It can be clearly noticed from the graph that the price is currently forming a nice bottom on the zone of crucial support. Considering the fact that the price has been dropping for quite some time, correctional move is definitely needed. A nice bearish candle left a huge wick to the downside on the 30th of March, rejecting the local zone of demand and printing strong bullish candles. We are highly positive that the price will keep rising till the zone of previous support now turned resistance that lines up with 0.618 Fibonacci retracement level as illustrated on the chart.
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