USDCAD has broken major resistance, prepare for further rise
Buy above 1.2393. Stop loss at 1.2335. Take profit at 1.2506.
Reason for the trading strategy (technically):
Price has broken major resistance-turned-support at 1.2393 (Fibonacci retracement, horizontal overlap resistance) and we can also see it break out of our long-term descending resistance line signalling that we can expect more bullish momentum. We expect price to make a further push up to 1.2506 resistance (Fibonacci retracement, horizontal overlap resistance).
RSI (55) has made a bullish exit signalling a change in momentum to bullish.
Reason for the trading strategy (technically):
Price has broken major resistance-turned-support at 1.2393 (Fibonacci retracement, horizontal overlap resistance) and we can also see it break out of our long-term descending resistance line signalling that we can expect more bullish momentum. We expect price to make a further push up to 1.2506 resistance (Fibonacci retracement, horizontal overlap resistance).
RSI (55) has made a bullish exit signalling a change in momentum to bullish.