USDCAD approaching support, potential bounce!
USDCAD is approaching our first support at 1.3068 (horizontal overlap support, 50% Fibonacci retracement) where a strong bounce might occur above this level pushing price up to our major resistance at 1.3285 (horizontal swing high resistance, 76.4% Fibonacci retracement). A breakout above our intermediate resistance at 1.3187 (horizontal swing high resistance, 100% Fibonacci extension) might provide the bullish acceleration to our major resistance level. Ichimoku cloud is also showing signs of bullish pressure in line with our bullish bias.
RSI (89) is also seeing a bearish exit where a bounce off this level might see a corresponding rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (89) is also seeing a bearish exit where a bounce off this level might see a corresponding rise 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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