USDCAD holding above ascending trendline support! Further rise incoming!

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Price tested and reacted above ascending trendline support. A further push up above 1st support at 1.25625 towards 1st resistance at 1.26023 could be possible. Technical indicators show room for further upside as well.

Trading Recommendation

Entry: 1.25625

Reason for Entry:

50% Fibonacci retracement, ascending trendline resistance

Take Profit: 1.26023

Reason for Take Profit:

-27.2% Fibonacci retracement, Graphical swing high resistance

Stop Loss: 1.25409

Reason for Stop Loss:

Last swing low support

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

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