USDCAD approaching resistance, potential drop!
USDCAD is approaching our first resistance at 1.2814 (horizontal overlap resistance, 23.6% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support at 1.2647 (horizontal overlap support, 76.4% Fibonacci retracement, 61.8% Fibonacci extension). A breakout below our intermediate support at 1.2730 (horizontal swing low support) might provide the bearish acceleration to our major support level. Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish bias.
RSI (89) is also approaching our resistance and a reaction off that level might be a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (89) is also approaching our resistance and a reaction off that level might be a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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