USDCAD Bounced Off Support, Prepare For A Further Rise!
Buy above 1.3051.
Stop loss at 1.3001.
Take profit at 1.3127.
Reason for the trading strategy (technically):
USDCAD bounced nicely off its support at (100% Fibonacci extension, 76.4% & 61.8% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 1.3127 (61.8% Fibonacci retracement).
Stochastic (55, 5, 3) is bounced off its support at 5.5% where a corresponding rise could occur.
Stop loss at 1.3001.
Take profit at 1.3127.
Reason for the trading strategy (technically):
USDCAD bounced nicely off its support at (100% Fibonacci extension, 76.4% & 61.8% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 1.3127 (61.8% Fibonacci retracement).
Stochastic (55, 5, 3) is bounced off its support at 5.5% where a corresponding rise could occur.