FX.co ★ USDCAD bounced from ascending trendline support, potential for a further bounce!

Price holding above ascending trendline support and moving average. A bounce above intermediate support at 1.31512 towards 1st resistance at 1.32393 can be expected. Bullish scenario will remain intact as long as price is above 1st support at 1.31309

Trading Recommendation

Entry: 1.31512

Reason for Entry:

Moving average support

Take Profit: 1.32393

Reason for Take Profit:

Recent swing high 61.8% and -27.2% Fibonacci retracement

Stop Loss: 1.31309

Reason for Stop Loss:

61.8% Fibonacci retracement, 61.8% Fibonacci extension