FX:USDCAD U.S. Dollar/Canadian Dollar
USDCAD is at the bottom of its channel, and also in a 50-61.8 Fib zone from its recent swing low to high. Also, it is at key support level. I am targeting 1.1594 as that is the 1.27 fib extension, and also the length of the pole, as it is forming a flag. Major confluences in both entry and exits. Have a good weekend.
Nice analysis. I also noticed we are at the bottom of a larger timeframe channel as well that converges with yours and thought that was interesting. Also 4HR shows a positive MACD divergence and we recently bounced off the 61.8 fib as you mentioned, which converges with the 4H 200MA and Daily S2 support. Anyway seems our analyses coincide with one another which is always nice.