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FX.co ★ USDCAD approaching 1st support, potential for a bounce!

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Forex Analysis:::2021-06-09T09:36:52

USDCAD approaching 1st support, potential for a bounce!

 USDCAD approaching 1st support, potential for a bounce!

Price is holding above the ascending trendline support and RSI is also approaching the ascending trendline support where we could see a bounce, showing signs of bullish pressure. We could see a bounce at 1st support, in line with 50% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback support, and a further rise towards 1st resistance, in line with 78.6% Fibonacci extension and horizontal swing high resistance.

Trading Recommendation

Entry: 1.20975

Reason for Entry:

50% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback support

Take Profit: 1.21332

Reason for Take Profit:

78.6% Fibonacci extension and horizontal swing high resistance

Stop Loss: 1.20713

Reason for Stop Loss:

61.8% Fibonacci extension and horizontal swing low support

Analyst InstaForex
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