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MT5.com - USDCAD testing 1st support, potential for a further rise!

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Forex Analysis:::2020-09-16

USDCAD testing 1st support, potential for a further rise!

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USDCAD is testing our 1st support at 1.3165 where the horizontal pullback support and 61.8% fib retracement are. Price could touch 1st support and bounce from there. EMA also indicates that further upside will come.

Trading Recommendation

Entry: 1.3165

Reason for Entry:

horizontal pullback support and 61.8% fib retracement

Take Profit: 1.3207

Reason for Take Profit:

Horizontal swing high resistance ,61.8% Fibonacci retracement

Stop Loss: 1.3127

Reason for Stop Loss:

61.8% Fibonacci retracement, horizontal swing low

Dean Leo
Analyst InstaForex
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