USDCAD approaching its support, potential for a bounce!
USDCAD is approaching its support at 1.2711 (61.8% Fibonacci extension, 61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap support) where a potential bounce may happen, pushing price to its resistance at 1.2830 (61.8% Fibonacci extension, 23.6% Fibonacci retracement, horizontal overlap resistance). If it surpasses that level, it could rise to the 2nd resistance at 1.2936 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap resistance. We have also identified another support at 1.2645 (100% Fibonacci extension, horizontal overlap support).
Stochastic (89, 5, 3) is approaching its support at 5.7% where we expect to see a bounce. A bullish divergence with price has also been identified which contributes to our bullish bias.
Stochastic (89, 5, 3) is approaching its support at 5.7% where we expect to see a bounce. A bullish divergence with price has also been identified which contributes to our bullish bias.
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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.