USD/CAD Long-Term Trend: Bullish
Key Resistance Levels: 1.2629, 1.2735, 1.2832
Key Support Levels: 1.2475, 1.2365, 1.2242
The price on the higher time frame is in a clear downtrend where it failed to break the strong support around the 1.2365 USD mark. This led to a move upward and it might be the beginning of a reversal. currently, the price posted a correction count around the 61.80% Fibonacci retracement level, and after it we expect the price to move upward again.
USD/CAD Medium-Term Trend: Bullish
On the 4-hr time frame, the price is trading inside a wedge formation where the price managed to break it to the upside. A lower correction might be seen to the highlighted zone before a rally toward our designated target profit.
Buy Limit Order @ 1.2536
TP 1 @ 1.2623
TP 2 @ 1.2735
Stop Loss @ 1.2493
Trade Safely 🙂