USDCAD is facing bullish pressure from its first support at 1.2765, in line with the 38% fib retracement and horizontal overlap support, where we could see a further bounce above this level towards 1st resistance where 100% fib extension is. Trendline also shows that price is on support.
Trading Recommendation
Entry: 1.2765
Reason for Entry:
38% fib retracement and horizontal overlap support
Take Profit: 1.2877
Reason for Take Profit:
100% fib extension
Stop Loss: 1.2691
Reason for Stop Loss:
61.8% fib retracement and horizontal swing low support
