USDCAD approaching support, potential bounce!
USDCAD is approaching our first support at 1.3056 (horizontal overlap support, 61.8% fibonacci retracement, 61.8% fibonacci extension) and a strong bounce might occur above this level pushing price up to our major resistance at 1.3177 (horizontal swing high resistance, 100%, 61.8% fiboancci extension, 78.6% fibonacci retracement).
Stochastic (55,5,3) is also approaching support and we might see a corresponding bounce in price should it bounce off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (55,5,3) is also approaching support and we might see a corresponding bounce in price should it bounce off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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