FX.co ★ AUDCAD is facing bullish pressure, potential for further upside!

AUDCAD is facing bullish pressure from the ascending trendline support. Prices are taking support from 1st support which coincides with 50% fibonacci extension and 61.8% fibonacci extension. Prices might bounce and reach 1st resistance which is in line with 161.8% extension. If prices fall through, it might reach 2nd support which is in line with -68% and 161.8% fibonacci retracement.

Trading Recommendation

Entry: 0.97740

Reason for Entry:

Horizontal pullback support, 61.8% fibonacci extension and 50% fibonacci extension

Take Profit: 0.98749

Reason for Take Profit:

Horizontal swing high resistance, 161.8% fibonacci extension

Stop Loss: 0.97242

Reason for Stop Loss:

Horizontal swing low support, -68% fibonacci retracement, 161.8% fibonacci retracement