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.
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 market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.