#USDCAD in ascending channel, potential for further upside
Price is above pivot level at 1.27015, in-line with 61.8% Fibonacci retracement, 100% Fibonacci extension and ascending channel trendline. Price could potentially bounce higher to resistance at 1.29500, in-line with 100% Fibonacci retracement, 100% Fibonacci extension and swing high resistance. Stochastic is also at ascending trendline support for further bullish momentum.
Alternatively, price could drop to support at 1.26510, in-line with 78.6% Fibonacci retracement and 127.2% Fibonacci extension.
Pivot:
1.27015
Why we like it:
61.8% Fibonacci retracement, 100% Fibonacci extension and ascending channel trendline
1st Support:
1.26510
78.6% Fibonacci retracement and 127.2% Fibonacci extension
1st Resistance:
1.29500
100% Fibonacci retracement, 100% Fibonacci extension and swing high resistance
Trading FX & CFDs carries high risk.
Alternatively, price could drop to support at 1.26510, in-line with 78.6% Fibonacci retracement and 127.2% Fibonacci extension.
Pivot:
1.27015
Why we like it:
61.8% Fibonacci retracement, 100% Fibonacci extension and ascending channel trendline
1st Support:
1.26510
78.6% Fibonacci retracement and 127.2% Fibonacci extension
1st Resistance:
1.29500
100% Fibonacci retracement, 100% Fibonacci extension and swing high resistance
Trading FX & CFDs carries high risk.
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