USDCAD is facing bullish pressure, potential for further upside

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Prices are facing bullish pressure from the first support at 1.20503 in line with 78.6% retracement, 78.6% extension and horizontal overlap support where we could see a potential bounce above this level with 1.21164 as our resistance target. Failure to hold above first support could see a swing toward second support at 1.20277.

Trading Recommendation

Entry: 1.20503

Reason for Entry:

78.6% retracement, 78.6% extension and horizontal overlap support

Take Profit: 1.21164

Reason for Take Profit:

Horizontal swing high resistance, 127.2% Fibonacci extension

Stop Loss: 1.20277

Reason for Stop Loss:

Horizontal swing low support, 100% Fibonacci extension

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

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