USDCAD Approaching Resistance, Potential Reaction!
USDCAD is approaching its resistance at 1.3079 (61.8% Fibonacci extension x 2, horizontal swing high resistance) where we it could potentially fall to its support at 1.2728 (61.8% Fibonacci retracement, horizontal swing low support). We do have to be cautious of the intermediate support at 1.2919 (23.6% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 3) is approaching its resistance at 99% where a corresponding reaction could occur. We have also identified a bearish divergence with price which contributes to our bearish bias.
Stochastic (55, 5, 3) is approaching its resistance at 99% where a corresponding reaction could occur. We have also identified a bearish divergence with price which contributes to our bearish bias.
Note
USDCAD dropped to our first profit target!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.