FX.co ★ USDCAD approaching 1st support, potential bounce!

Price is approaching 1st support, in line with 61.8% Fibonacci extension, 38.2% Fibonacci retracement and horizontal pullback support. We could see a bounce and further rise up toward 1st resistance, in line with 161.8% Fibonacci retracement & horizontal swing high resistance. Price is holding above EMA which shows potential bullish pressure.

Trading Recommendation

Entry: 1.25481

Reason for Entry:

61.8% Fibonacci extension, 38.2% Fibonacci retracement and horizontal pullback support

Take Profit: 1.26137

Reason for Take Profit:

161.8% Fibonacci retracement & horizontal swing high resistance.

Stop Loss: 1.25018

Reason for Stop Loss:

100% Fibonacci extension, 61.8% Fibonacci retracement and horizontal swing low support