USDCAD Testing Its Resistance, Potential Breakout
Buy above 1.2672. Stop loss at 1.2587. Take profit at 1.2831.
Reason for trading strategy:
USDCAD is testing its resistance at 1.2672 (23.6% Fibonacci retracement, horizontal overlap resistance, descending channel). If price breaks past this level, it would have made a bullish exit from its descending channel and we would expect prices to rise further to its next resistance at 1.2831 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap resistance).
We have also identified another support at 1.2587 (horizontal swing low support).
Stochastic (89, 5, 3) bounced nicely from its support at 1.5% where it has a lot of upside potential. We have also identified a bullish divergence with price which contributes to our bullish bias.
Reason for trading strategy:
USDCAD is testing its resistance at 1.2672 (23.6% Fibonacci retracement, horizontal overlap resistance, descending channel). If price breaks past this level, it would have made a bullish exit from its descending channel and we would expect prices to rise further to its next resistance at 1.2831 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap resistance).
We have also identified another support at 1.2587 (horizontal swing low support).
Stochastic (89, 5, 3) bounced nicely from its support at 1.5% where it has a lot of upside potential. We have also identified a bullish divergence with price which contributes to our bullish bias.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.