Buy above 1.3288. Stop loss at 1.3251. Take profit at 1.3387.
Reason for the trading strategy (technically):
Price has dropped perfectly and reached our profit target on USDCAD once again for the third time in a row. We prepare to buy above 1.3288 support (Fibonacci retracement, Fibonacci extension, Elliott wave theory) for a corrective bounce up to 1.3387 resistance (Fibonacci retracement, horizontal pullback resistance).
RSI (34) is testing out 39% support and we expect a bounce soon.
Reason for the trading strategy (technically):
Price has dropped perfectly and reached our profit target on USDCAD once again for the third time in a row. We prepare to buy above 1.3288 support (Fibonacci retracement, Fibonacci extension, Elliott wave theory) for a corrective bounce up to 1.3387 resistance (Fibonacci retracement, horizontal pullback resistance).
RSI (34) is testing out 39% support and we expect a bounce soon.