FX.co ★ USDCAD bullish momentum

Price is holding above the ascending trendline support, this signifies a continuation of the bullish momentum. Price might push towards the 1st support and bounce up towards 1st resistance to form a higher low on the trendline. Our bullish support is further supported by the 50 period MA crossing over the 100 period MA forming a golden cross, in addition, the signal line has crossed above the MACD line signifying a bullish momentum as well.

Trading Recommendation

Entry: 1.25981

Reason for Entry:

50% Fibonacci retracement

Take Profit: 1.28075

Reason for Take Profit:

78.6% Fibonacci extension

Stop Loss: 1.24527

Reason for Stop Loss:

127.2% Fibonacci extension