USDCAD approaching support, potential bounce!
USDCAD is approaching our first support at 1.3070 (horizontal overlap support, 23.6%, 38.2% Fibonacci retracement, 61.8% Fibonacci extension, short term ascending support line) and a strong bounce might occur below this level pushing price up to our major resistance at 1.3334 (horizontal swing high resistance, 61.8% Fibonacci extension, 78.6% Fibonacci retracement).
Stochastic (34,5,3) is also approaching its support where we might see a corresponding rise in price should it bounce off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (34,5,3) is also approaching its support where we might see a corresponding rise in price should it bounce off this level.
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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