FX.co ★ USDCAD testing ascending trendline support. Further bounce incoming!

Price testing and reacting above ascending trendline support. A further push up above 1st support at 1.25075 towards 1st resistance at 1.25734 could be possible. Technical indicators show room for further upside as well.

Trading Recommendation

Entry: 1.25075

Reason for Entry:

50% Fibonacci retracement, Ascending trendline support

Take Profit: 1.25734

Reason for Take Profit:

-27.2% and -61.8% Fibonacci retracement

Stop Loss: 1.24621

Reason for Stop Loss:

Graphical swing low