USDCAD approaching support, potential bounce!
USDCAD is approaching our first support at 1.3070 (horizontal overlap support, 38.2%, 23.6% Fibonacci retracement, 61.8% Fibonacci extension) which coincides with our short term ascending support line. A strong bounce might occur above this level pushing price up to our major resistance at 1.3334 (horizontal swing high resistance, 61.8% Fibonacci extension, 78.6% Fibonacci retracement). Ichimoku cloud is also showing signs of bullish pressure in line with our bullish bias.
RSI (89) is also seeing a bullish exit and we 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 bullish exit and we 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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