USDCAD is facing bullish pressure, potential for further upside!

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USDCAD is facing bullish pressure, potential for further upside!

USDCAD is facing bullish pressure, potential for further upside!

USDCAD is facing bullish pressure, potential for further upside!

USDCAD is facing bullish pressure from 1st support level, in line with the 76.4% Fibonacci retracement and horizontal swing low support, where we could see a further bounce above this level towards 1st resistance where the 50% Fibonacci retracement is. Stochastics also shows that price is on support.

Trading Recommendation

Entry: 1.2707

Reason for Entry:

76.4% Fibonacci retracement and horizontal swing low support

Take Profit: 1.2743

50% Fibonacci retracement

Stop Loss: 1.2682

Reason for Stop Loss:

Graphical swing low support

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.fx.co/forex_analysis/quickview/202487/