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Obchodní podmínky
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Since April 2016, the USD/CAD pair has been trending upward within the depicted ascending channel.
In December 2016, a bullish breakout above 1.3300 (50% Fibonacci level) was expected to allow a further advance toward 1.3700-1.3750 (the upper limit of the depicted channel).
However, a significant bearish rejection was expressed around 1.3580 (recently established top).
During the bearish pullback, the price level of 1.3300 (50% Fibonacci Level) failed to provide enough support to the pair.
This allowed a further bearish movement toward the price level of 1.2970 (61.8% Fibonacci level) where a valid BUY entry was offered in February 2017.
A few weeks ago, a bullish breakout above 1.3300 (50% Fibonacci Level) enhanced a further advance toward 1.3440 and 1.3580.
The market remains bullish as long as the USD/CAD pair continues trading above 1.3450-1.3500 (Confluence of prominent tops and recent uptrend line).
Trade recommendations:
Any bearish pullback towards 1.3450 should be considered for a valid BUY entry. S/L should be set as daily closure below the price level of 1.3400.
T/P levels would be located around 1.3630, 1.3750, 1.3950 and finally 1.4030 (where the upper limit of the depicted channel meets Fibo Expansion 100%).
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