USDCAD approaching support, potential bounce!
USDCAD is approaching our first support level at 1.3052 (horizontal swing low support, 61.8% Fibonacci extension, 38.2% Fibonacci retracement) where a strong bounce might occur above this level pushing price up to our major resistance at 1.3208 (horizontal pullback resistance, 50% Fibonacci retracement).
Stochastic (55,5,3) is also approaching support where we might see a corresponding bounce in price.
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Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (55,5,3) is also approaching support where we might see a corresponding bounce in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results