USDCAD approaching resistance, potential drop!
USDCAD is approaching our first resistance at 1.3266 (Horizontal overlap resistance, 78.6% fibonacci retracement, 100% fibonacci extension) and a strong drop might occur below this level pushing price down to our major support at 1.3142 (Horizontal overlap support, 61.8% Fibonacci retracement, 100% fibonacci extension).
Stochastic (34,5,3) is also approaching resistance and we might see a corresponding drop in price should it react 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 resistance and we might see a corresponding drop in price should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results