USDCAD tested major resistance at 1.2916 ( 100% Fibonacci extension , ST 100% Fibonacci extension , bearish divergence, multiple swing high resistance) where it has the potential to fall to its 1st support at 1.2756 (100% Fibonacci extension , 50% Fibonacci retracement , 23.6% Fibonacci retracement , Horizontal overlap support). If it breaks past this level, it could potentially fall to its next support at 1.2669 (100% Fibonacci extension , 38.2% Fibonacci retracement , 78.4% Fibonacci retracement , 50% Fibonacci retracement , horizontal swing low support).
Stochastic (89, 5, 3) shows that it has made a corresponding reaction off its resistance at 98.7% and has to potential to fall. We have also identified a bearish divergence between price and stochastic levels.
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