Tickmill

USDCAD is approaching resistance, potential drop!

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FX:USDCAD   Dólar Americano/Dólar Canadense
USDCAD is approaching our first resistance at 1.2977 (horizontal overlap resistance, 100% Fibonacci extension, 50% Fibonacci retracement) and a strong drop might occur below this level pushing price down to our major support at 1.2912 (horizontal swing low support).
Stochastic (55,5,3) is also approaching major resistance and a reaction off this level might see a corresponding drop in price.
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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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