USDCAD is facing bullish pressure as prices broke out from descending trendline resistance and is taking from first support which is a horizontal swing low support which coincides with 127.2% fibonacci retracement. Prices might bounce to 1st resistance which coincides with 50% fibonacci retracement and 50% fibonacci extension. If prices fall through support, it might pull back to second support which coincides with 61.8% fibonacci retracement and -27.2% fibonacci retracement. Stochastics is also taking support on the 6.02 level, looking like a bounce.
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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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.