USDCAD facing bullish pressure | 3rd June 2021

USDCAD is facing bullish pressure above Fibonacci confluence zone where we find 50% and 61.8% Fibonacci retracement and a small graphical overlap support. A short term bounce above our buy entry at 1.20418 towards our take profit at 1.20808 could be likely. Our take profit also falls in line with graphical swing high resistance, 61.8% Fibonacci extension and descending trendline resistance. Stochastic is testing and reacting above support where price bounced in the past as well.

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