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USDCAD testing support, potential rise!
Price is testing our first support at 1.2684 (horizontal pullback support, 50% Fibonacci retracement, 61.8% Fibonacci extension). A strong bounce might occur above this level, pushing price up to our major resistance at 1.2837 (horizontal overlap resistance, 61.8% Fibonacci retracement).
Stochastic (55,5,3) is also approaching our major support and a bounce off this level might be a good precursor for a potential rise in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Stochastic (55,5,3) is also approaching our major support and a bounce off this level might be a good precursor for a potential rise in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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