USDCAD is fast approaching major resistance at 1.2929 (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance, bearish divergence) and a strong reaction could occur at this level to push prices all the way down to major support at 1.2825 (Fibonacci retracement, horizontal swing low support). Stochastic (55,5,3) is seeing major resistance below 94% where a corresponding reaction could occur. We’re also seeing bearish divergence vs price signalling that a reversal is impending.
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Updated View On USD/CAD (26/5/2018)