USDCAD is testing support, potential bounce!
USDCAD is testing our first support at 1.2944 (horizontal overlap support, 23.6% Fibonacci retracement). A strong bounce might occur above this level, pushing price up to our major resistance at 1.3120 (horizontal swing high resistance). A breakout above our intermediate resistance at 1.2998 (horizontal swing high resistance, 78.6% Fibonacci retracement) might provide the bullish acceleration to our major resistance target. Ichimoku cloud is also showing signs of bullish pressure, in line with our bullish bias.
RSI (55) is also seeing a bullish exit and might be a good precursor for a potential rise in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
RSI (55) is also seeing a bullish exit and might be a good precursor for a potential rise in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
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