USDCAD Support Confluence Zone, Possible Long Set Up
USDCAD has fallen sharply today but we could see some support come in around this level at 1.133200. This level its self has provided some good support / resistance in the past. We also have the 61.8% Fibonacci retracement level of the rally from the 3rd of April low and the 78.6% Fibonacci retracement of the rally from the 19th to the 28th of March. The S2 daily pivot point level also coincides with this zone which is marked on the chart by the blue rectangle.
Stochastic is over sold, we have yet to see a bullish crossover but it is turning up indicating momentum is shifting to the upside.
Possible long trade set up, risk to reward 5.3:1
Entry 1.33200
Stop 1.33050
Target 1.34000
Stochastic is over sold, we have yet to see a bullish crossover but it is turning up indicating momentum is shifting to the upside.
Possible long trade set up, risk to reward 5.3:1
Entry 1.33200
Stop 1.33050
Target 1.34000
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