FX.co ★ USDCAD facing bullish pressure

USDCAD is holding above the ascending trendline indicating continuation of bullish movement. Price is predicted to be moving towards the 1st resistance in line with the 23.6% Fibonacci retracement and 38.2% Fibonacci extension. Our bullish bias is further supported by the price holding above the 50 period moving average and price is approaching the strong resistance level on the stochastic indicator.

Trading Recommendation

Entry: 1.25565

Reason for Entry:

-50.0% Fibonacci retracement

-Price tested at the level many times

Take Profit: 1.26656

Reason for Take Profit:

23.6% Fibonacci retracement and 38.2% Fibonacci extension

Stop Loss: 1.24224

Reason for Stop Loss:

78.6% Fibonacci retracement.