USDCAD bullish bounce| 6th Oct 2021


Price is holding above the 1st support at 1.25924 which is in line with the most recent horizontal overlap support and 38.2% Fibonacci retracement and may continue with bullish movements towards 1st resistance at 1.26429 in line with 38.2% Fibonacci Retracement and is a graphical resistance. Our bullish bias is further supported by the stochastic indicator where price is testing support where price bounced in the past. Otherwise, price may break structure at 1st support and head for 2nd support at 1.27321 in line with 127.2% Fibonacci retracement and 78.6% Fibonacci retracement.

Trading Recommendation


Reason for Entry:

Horizontal overlap Support and 38.2% Fibonacci retracement

Take Profit: 1.26429

Reason for Take Profit:

38.2% Fibonacci Retracement and graphical resistance

Stop Loss:1.25789

Reason for Stop Loss:

127.2% Fibonacci Retracement, 78.6% Fibonacci extension and graphical support

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