USD/CAD Long-Term Trend: Bullish
Key Resistance Levels: 1.27914, 1.28327, 1.29029
Key Support Levels: 1.26935, 1.26682, 1.26400
Since the low on December 31st, we have seen some bullish momentum build, which subsided when met with the resistance zone. Thereafter, we got a pullback which is currently finding support in the 50-61.8% retracement area. If this holds, we may see a play back into the resistance zone, and potentially beyond. On the risk side, we have a diagonal resistance trend line which may present some challenges for the bullish scenario.
USD/CAD Medium-Term Trend: Bullish
It seems as though there may be some accumulation in the 50-61.8% retracement area before possibly making an attempt at a bullish move. Additionally, if we do climb, watch out for some resistance from the trend line (purple) before we can even get to TP 1.
Buy Limit Order @ 1.26994
TP 1 @ 1.27901
TP 2 @ 1.28795
Stop Loss @ 1.26484
Trade Safely 🙂