USD/CAD on major support, look to buy for a long term position

The price is testing major support at 1.2460 (major swing low for past 2 years, Fibonacci extension, bullish price action) and we expect to see a long term correction from this level towards at least 1.3000 resistance (Fibonacci retracement, horizontal pullback resistance).

Stochastic (34,5,3) is bouncing nicely off our 0.85% support.

Buy above 1.2460. Stop loss is at 1.2142. Take profit is at 1.3000.

The material has been provided by InstaForex Company - www.instaforex.com