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Investroy

USD/CAD: short-term correctional move before further growth

Long
U.S. Dollar / Canadian Dollar (FX:USDCAD)  
Investroy  
FX:USDCAD   U.S. Dollar / Canadian Dollar
Support and Resistance Fibonacci Supply and Demand USDCAD priceaction Technical Analysis forextrading investroy
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supportandresistance fibonacci supplyanddemand usdcad priceaction technicalanalysis forextrading investroy
The price has nicely broken the 1.253 zone of resistance and we are now waiting for a re-test of that zone before expecting further bullish moves. As it can be inferred from the current price action, the price is being unable to push to the upside and needs some correction before impulsive moves happen again. Thus, we have marked the zone of support illustrated on the chart that lines up with 0.382 Fibonacci retracement level as a possible area to enter BUY positions from. Our initial target will be set at 1.27 zone of previous support now turned resistance aligning with 0.618 Fibonacci level.

Happy trading, everyone!
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