USDCAD approaching support, potential bounce!
USDCAD is approaching our first support at 1.2891 (horizontal overlap support, 50% Fibonacci retracement, short term ascending support line) where a strong bounce might occur above this level pushing price up to our major resistance at 1.3072 (61.8% Fibonacci extension). Ichimoku cloud is also showing signs of bullish pressure in line with our bullish bias.
RSI (89) is also approaching our support and a bounce off this level might be a good precursor for a potential 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 approaching our support and a bounce off this level might be a good precursor for a potential 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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