USD/CAD back to support, watch for another bounce

The price has made a nice pullback to our entry and we're looking to buy above 1.2629 support (Fibonacci retracement, horizontal overlap support) for a bounce up to at least 1.2909 resistance (Fibonacci extension, horizontal swing high resistance). We do have to keep an eye out for intermediate resistance at 1.2750 which price has already reacted off nicely once. Only a break of that level would trigger a bigger move up to 1.2909.

RSI (34) sees an intermediate ascending support hold up its bullish momentum really nicely, but we're also seeing major resistance at 62% which needs to be broken to trigger a stronger upside move.

Buy above 1.2629. Stop loss at 1.2561. Take profit at 1.2909.

analytics5a9375c829e02.jpg

The material has been provided by InstaForex Company - www.instaforex.com