Tickmill
Short

USDCAD approaching resistance, potential drop!

FX:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD is approaching our first resistance at 1.3366 (horizontal swing high resistance, 50% Fibonacci retracement , 100% Fibonacci extension ) where a strong drop might occur below this level pushing price down to our first support at 1.3251 (50% Fibonacci retracement , horizontal pullback support).
Stochastic (34,5,3) is also approaching resistance where we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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This analysis is provided as general market commentary and does not constitute investment advice.
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Cornhub r5e5g1
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