USDCAD is approaching its resistance at 1.3119 (100% Fibonacci extension , 78.6% Fibonacci retracement , horizontal overlap resistance) where it could potentially reverse to its support at 1.3001 (100% Fibonacci extension, 38.2% Fibonacci retracement horizontal overlap support). Stochastic (89, 5, 3) is approaching its resistance at 99% where a corresponding reversal could occur.
Price is bouncing upper key level. There is no proper sell signal + Oil Moves down.
ICmarkets
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@YuriyBishko, stochastic was closer to the overbought territory hence we had a bearish bias.
gtomi001
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It happened or will happen?
ICmarkets
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@gtomi001, this is our forecast on USDCAD, we do not guarantee that it will go according to our forecast! Trade at your own risk if using our forecasts.