USDCAD Approaching Support, Prepare For A Bounce
Buy above 1.2561. Stop loss at 1.2458. Take profit at 1.2726.
Reason for the trading strategy (technically):
USDCAD is approaching its support area at 1.2561 (100% Fibonacci extension, 61.8% Fibonacci retracement, 78.6% Fibonacci extension, horizontal overlap support) where we expect to see a bounce, pushing price up to its resistance at 1.2726 (100% Fibonacci extension, 38.2% Fibonacci retracement, 23.6% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) is approaching its support at 0.9% where we expect to see a corresponding bounce.
Reason for the trading strategy (technically):
USDCAD is approaching its support area at 1.2561 (100% Fibonacci extension, 61.8% Fibonacci retracement, 78.6% Fibonacci extension, horizontal overlap support) where we expect to see a bounce, pushing price up to its resistance at 1.2726 (100% Fibonacci extension, 38.2% Fibonacci retracement, 23.6% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) is approaching its support at 0.9% where we expect to see a corresponding bounce.