empty
 
 
24.08.2020: Forex Analysis & Reviews: USDCAD bounced from trendline, potential for a further rise! !

analytics5f4393d8acb08.jpg

Price holding above ascending trendline support and stochastics also testing support where price bounced in the past. A bounce reaction above 1st support at 1.31590 towards 1st resistance at 1.32286 can be expected.

Trading Recommendation

Entry: 1.31728

Reason for Entry:

Ascending trendline support

Take Profit: 1.32286

Reason for Take Profit:

Recent swing high, 61.8% Fibonacci extension

Stop Loss: 1.31590

Reason for Stop Loss:

Recent swing low

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS
Can't speak right now?
Ask your question in the chat.
Widget callback