USDCAD approaching resistance, potential drop!
USDCAD is approaching our first resistance at 1.3068 (horizontal overlap resistance, 23.6% Fibonacci retracement) and a strong reaction might occur below this level, pushing price down to our major support at 1.2956 (horizontal swing low support, 38.2%, 50% Fibonacci retracement, 100% Fibonacci extension). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
Stochastic (21,5,3) is also approaching our resistance where a reaction below this level might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (21,5,3) is also approaching our resistance where a reaction below this level might see a corresponding 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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