USDCAD Bounced off Support, Prepare For Further Rise!
Buy above 1.3061.
Stop loss 1.3224.
Take profit at 1.3224.
Reason for the trading strategy (technically):
USDCAD bounced nicely off its support at 1.3061 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap support) where price could rise further to its resistance at 1.3224 (50% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) has bounced off its support at 3% where a corresponding rise could occur.
Stop loss 1.3224.
Take profit at 1.3224.
Reason for the trading strategy (technically):
USDCAD bounced nicely off its support at 1.3061 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap support) where price could rise further to its resistance at 1.3224 (50% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) has bounced off its support at 3% where a corresponding rise could occur.