ICmarkets

USDCAD Testing Resistance, Prepare For Reversal

Short
FX:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD is testing its resistance at 1.3115 (100% Fibonacci extension , 78.6% Fibonacci retracement , horizontal overlap resistance) where a reversal to its support at 1.3064 (23.6% Fibonacci retracement , horizontal overlap support)could.
Stochastic (55, 5, 3) has reversed off its resistance at 96% where a corresponding drop could occur.
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