FX.co ★ USDCAD holding above ascending trendline support! Bounce incoming!

USDCAD holding above ascending trendline support. A short term intraday bounce above 1st support at 1.22627 and 61.8% Fibonacci retracement towards 1st resistance at 1.24017, also 61.8% Fibonacci retracement could be possible. Stochastic is testing support where price bounced in the past.

Trading Recommendation

Entry: 1.22627

Reason for Entry:

61.8% Fibonacci retracement, ascending trendline resistance

Take Profit: 1.24017

Reason for Take Profit:

61.8% Fibonacci retracement, Graphical swing high resistance

Stop Loss: 1.22040

Reason for Stop Loss:

Graphical swing low support