USD/CAD has broken out beautifully, watch for a further rise

The price has made a bullish breakout and we're looking to buy on dips 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 have to keep an eye on the intermediate resistance at 1.2750 which the price has already reacted off nicely once. Only a break of that level would trigger a move higher to 1.2909.

RSI (34) sees an intermediate ascending support, holding up its bullish momentum really nicely, but we're also seeing the major resistance at 61% which needs to be broken to trigger a stronger upside move.

Buy above 1.2629. Set stop loss at 1.2561 and take profit at 1.2909.


The material has been provided by InstaForex Company -