USDCAD testing both its resistance and support!
USDCAD is being squeezed by both its resistance at 1.2937 (38.2% Fibonacci retracement, horizontal overlap resistance) and ascending support line. If it surpasses its 1st resistance, it could potentially rise to its 2nd resistance at 1.3000 (61.8% Fibonacci retracement, horizontal pullback resistance). If it breaks past its ascending support line, we could see price falling to its 2nd support area between 1.2786 and 1.2762 (38.2% Fibonacci retracement, 50% Fibonacci retracement, 61.8% Fibonacci extension, horizontal pullback support).
Stochastic (89, 5, 3) is in the middle which presents a neutral idea. We did however identify a bearish divergence with price.
Stochastic (89, 5, 3) is in the middle which presents a neutral idea. We did however identify a bearish divergence with price.
Trade closed: target reached
Bearish divergence proved right and price broke out of its ascending support line and reached our support target!
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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.