USDCAD has broken major resistance, prepare to buy
Intro: USDCAD is now above a major support level and has a lot of bullish momentum. Good opportunity to buy.
Buy above 1.2731. Stop loss at 1.2606. Take profit at 1.2908.
Reason for the trading strategy (technically):
Price has broken major support-turned-resistance at 1.2731 (horizontal overlap support, bullish Ichimoku cloud) and we expect to see a bullish acceleration from here to push price upwards towards 1.2908 resistance (Fibonacci extension, horizontal swing high resistance).
RSI (34) sees an ascending support line hold up our bullish momentum really well while seeing strong resistance at 62%. Only a break of our 62% level would trigger a stronger rise in price.
Buy above 1.2731. Stop loss at 1.2606. Take profit at 1.2908.
Reason for the trading strategy (technically):
Price has broken major support-turned-resistance at 1.2731 (horizontal overlap support, bullish Ichimoku cloud) and we expect to see a bullish acceleration from here to push price upwards towards 1.2908 resistance (Fibonacci extension, horizontal swing high resistance).
RSI (34) sees an ascending support line hold up our bullish momentum really well while seeing strong resistance at 62%. Only a break of our 62% level would trigger a stronger rise in price.