USDCAD approaching resistance, potential for a drop!

USDCAD approaching resistance area between 1.3102 (100% Fibonacci extension , horizontal overlap resistance) and 1.3161 (61.8% Fibonacci retracement , horizontal pullback resistance) where a potential drop might occur to its 1st support at 1.2919 (100% Fibonacci extension , 61.8% Fibonacci extension ). An ascending channel has also been identified. If it breaks past the 1st support and the ascending channel , it could possibly fall to its 2nd support area at 1.2840 (38.2% Fibonacci retracement , 50% Fibonacci retracement , horizontal overlap support).

Stochastic (55, 5, 3) shows it approaching its resistance at 97.77% where a corresponding reaction could occur.

Trade ist aktiv:

Hey guys! Price is reversing nicely! Hope you guys managed to get in on this!