FX.co ★ USDCAD bounced from (Intermediate) support, potential for a further rise!

Price broke above descending trendline resistance (now support). A further push up above 61.8% Fibonacci retracement and intermediate support at 1.30289 towards 1st resistance at 1.31407 can be expected.

Trading Recommendation

Entry: 1.30289

Reason for Entry:

61.8% Fibonacci retracement, descending trendline support

Take Profit: 1.31407

Reason for Take Profit:

61.8% Fibonacci retracement

Stop Loss: 1.29952

Reason for Stop Loss:

Graphical swing low