USD/CAD
1. **Higher High**: In technical analysis, when a price exceeds the previous high, it's termed as a "higher high." This suggests increasing bullish momentum.
2. **Fib .61**: This usually refers to the Fibonacci retracement level of 61.8%. Fibonacci retracement levels are horizontal lines that indicate areas of support or resistance based on key Fibonacci ratios. The .61 level often signifies a strong potential support level.
3. **Trend Line as Support**: A trend line is a straight line that connects two or more price points and extends into the future to act as a line of support or resistance. When a trend line is drawn connecting higher highs and remains above the .61 Fibonacci retracement level, it suggests a potentially strong support level.
In summary, the scenario you described suggests that the price has formed a new high and pulled back, finding support near the .61 Fibonacci level and also aligning with a trend line drawn through previous higher highs. This could indicate a potential entry point for bullish traders who believe the uptrend will continue, with the .61 Fibonacci level acting as a support level. However, as with any trading strategy, it's important to consider other factors such as market conditions, volume, and broader trends before making trading decisions.
2. **Fib .61**: This usually refers to the Fibonacci retracement level of 61.8%. Fibonacci retracement levels are horizontal lines that indicate areas of support or resistance based on key Fibonacci ratios. The .61 level often signifies a strong potential support level.
3. **Trend Line as Support**: A trend line is a straight line that connects two or more price points and extends into the future to act as a line of support or resistance. When a trend line is drawn connecting higher highs and remains above the .61 Fibonacci retracement level, it suggests a potentially strong support level.
In summary, the scenario you described suggests that the price has formed a new high and pulled back, finding support near the .61 Fibonacci level and also aligning with a trend line drawn through previous higher highs. This could indicate a potential entry point for bullish traders who believe the uptrend will continue, with the .61 Fibonacci level acting as a support level. However, as with any trading strategy, it's important to consider other factors such as market conditions, volume, and broader trends before making trading decisions.
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