WEEKLY: USDCAD Strategic View: Right above major support, prepare to buy
Published on: July 24, 2017
Buy above 1.2460. Stop loss at 1.2142. Take profit at 1.3000.
Reason for the trading strategy:
Price continues to drop perfectly after breaking our major support-turned-resistance line. We prepare to buy above major support at 1.2460 (Fibonacci extension, horizontal swing low support) for a push up to at least 1.3000 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is seeing major support above 0.8% where we expect a bounce from.