FX.co ★ USDCAD is facing bullish pressure, potential for further upside!

USDCAD is facing bullish pressure from its first support at 1.2765, in line with the 38% fib retracement and horizontal overlap support, where we could see a further bounce above this level towards 1st resistance where 100% fib extension is. Trendline also shows that price is on support.

Trading Recommendation

Entry: 1.2765

Reason for Entry:

38% fib retracement and horizontal overlap support

Take Profit: 1.2877

Reason for Take Profit:

100% fib extension

Stop Loss: 1.2691

Reason for Stop Loss:

61.8% fib retracement and horizontal swing low support