13.01.202112:17 Forex Analysis & Reviews: USDCAD is facing bullish pressure, potential for further upside!

Exchange Rates 13.01.2021 analysis

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 market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert
InstaForex Group © 2007-2021
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