FX.co ★ USDCAD bullish pressure | 20th Sep 2021

Price is abiding the ascending trendline support on the daily timeframe showing a bullish momentum. We are expecting the price to push up towards the 1st Resistance in line with 78.6% Fibonacci projection and daily overlap resistance. Our bullish bias is further supported by the stochastic indicator where the %D line holding on the ascending trendline support and price holding above the 100period MA.

Trading Recommendation

Entry: 1.27163

Reason for Entry:

50.0% Fibonacci retracement

Take Profit: 1.29364

Reason for Take Profit:

78.6% Fibonacci projection

Stop Loss: 1.25811

Reason for Stop Loss:

Daily overlap support