USDCAD approaching resistance, potential for a drop!
USDCAD approaching resistance area between 1.3102 (100% Fibonacci extension , horizontal overlap resistance) and 1.3161 (61.8% Fibonacci retracement , horizontal pullback resistance) where a potential drop might occur to its 1st support at 1.2919 (100% Fibonacci extension , 61.8% Fibonacci extension ). An ascending channel has also been identified. If it breaks past the 1st support and the ascending channel , it could possibly fall to its 2nd support area at 1.2840 (38.2% Fibonacci retracement , 50% Fibonacci retracement , horizontal overlap support).
Stochastic (55, 5, 3) shows it approaching its resistance at 97.77% where a corresponding reaction could occur.
Stochastic (55, 5, 3) shows it approaching its resistance at 97.77% where a corresponding reaction could occur.
Trade active
Hey guys! Price is reversing nicely! Hope you guys managed to get in on this!
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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.