USD/CAD Long-Term Trend: Bullish
Key Resistance Levels: 1.25382, 1.26059, 1.27617.
Key Support Levels: 1.24343, 1.23844, 1.23020
The price on the higher time frame posted a Wyckoff accumulation phase at the bottom which led to a reversal and a breakout of the bearish channel to the upside. Now the main direction is upward where the market succeeded to break the 1.24330 CAD mark by a big bodied bullish bar showing that the buyers are in control. We expect further movement to the upside in the coming hours.
USD/CAD Medium-Term Trend: Bullish
On the lower time frame, the price found buyers around the 61.80 % Fibonacci retracement level where huge volatility appeared. We expect a slight lower correction before a new bullish impulsive wave toward the target profit.
Buy Market Order @ 1.24363
TP 1 @ 1.25341
TP 2 @ 1.26059
Stop Loss @ 1.23873
Trade Safely 🙂