USDCAD on major support, look to buy for a long term position
Buy above 1.2460. Stop loss at 1.2142. Take profit at 1.3000.
Reason for the trading strategy (technically):
Price is testing major support at 1.2460 (major swing low for past 2 years, Fibonacci extension, bullish price action) and we expect to see a long term correction from this level towards at least 1.3000 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is bouncing nicely off our 0.85% support.
Reason for the trading strategy (technically):
Price is testing major support at 1.2460 (major swing low for past 2 years, Fibonacci extension, bullish price action) and we expect to see a long term correction from this level towards at least 1.3000 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is bouncing nicely off our 0.85% support.