USDCAD is in bullish correction
Updated
USDCAD
The recent downward rally is stalled at 1.31370 which is a acted as a recent support for the bullish
But in longer picture overall trend is remain bearish with the target of 1.28000 in a longer run
1.3277 is a near-term resistance to the bull which is a 23.6% Fibonacci retracement level
And above that 1.33610 is a 38.2% Fibonacci retracement level is another key level to watch.
At this level we may expect a 200 Exponential moving average resistance too.
For swing traders the expected profit taking level is 1.34500 which is a 50% Fibonacci retracement level
Above that level we had a downward trend line resistance
Suitable buy orders may placed at 1.32000 which is one of the Psychological level
Potential take profit will be 1.33000
Stop lose may placed below the 1.30500 level
On writing this idea RSI is just crossed the 50 midpoint in four Hour chart.
The recent downward rally is stalled at 1.31370 which is a acted as a recent support for the bullish
But in longer picture overall trend is remain bearish with the target of 1.28000 in a longer run
1.3277 is a near-term resistance to the bull which is a 23.6% Fibonacci retracement level
And above that 1.33610 is a 38.2% Fibonacci retracement level is another key level to watch.
At this level we may expect a 200 Exponential moving average resistance too.
For swing traders the expected profit taking level is 1.34500 which is a 50% Fibonacci retracement level
Above that level we had a downward trend line resistance
Suitable buy orders may placed at 1.32000 which is one of the Psychological level
Potential take profit will be 1.33000
Stop lose may placed below the 1.30500 level
On writing this idea RSI is just crossed the 50 midpoint in four Hour chart.
Trade closed: stop reached
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