Tickmill
Long

USDCAD approaching support, potential bounce!

FX:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD is approaching our first support at 1.3056 (horizontal overlap support, 61.8% fibonacci retracement , 61.8% fibonacci extension ) and a strong bounce might occur above this level pushing price up to our major resistance at 1.3177 (horizontal swing high resistance, 100%, 61.8% fiboancci extension, 78.6% fibonacci retracement ).
Stochastic (55,5,3) is also approaching support and we might see a corresponding bounce in price should it bounce off this level.

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This analysis is provided as general market commentary and does not constitute investment advice.
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