USDCAD Approaching Support, Prepare For A Bounce

USDCAD is approaching its support at 1.2714 (61.8% Fibonacci extension, 61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap support) where we expect a bounce to happen, pushing price all the way up to its resistance at 1.3124 (61.8% Fibonacci retracement, horizontal swing high resistance). We do however need to be cautious of its intermediate resistance at 1.2934 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap resistance). We have also identified another support at 1.2595 (100% Fibonacci extension, horizontal overlap support).

Stochastic (89, 5, 3) is approaching its support at 1.79% where we expect to see a corresponding bounce.