USDCAD approaching resistance, potential drop!

8 ส.ค. 2018

USDCAD is approaching our first resistance at 1.3065 (horizontal overlap resistance, 61.8% Fibonacci extension, 23.6% Fibonacci retracement) and a strong reaction might occur below this level, pushing price down to our major support at 1.2967 (horizontal swing low support, 38.2%, 50% Fibonacci retracement, 100% Fibonacci extension, long term ascending support line).
Stochastic (89,5,3) is approaching resistance where a reaction below this level might see a corresponding drop in price.
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