USDCAD approaching resistance, potential drop!

31 ก.ค. 2018

USDCAD is approaching our first resistance at 1.3068 (horizontal overlap resistance, 23.6% Fibonacci retracement) and a strong reaction might occur below this level, pushing price down to our major support at 1.2956 (horizontal swing low support, 38.2%, 50% Fibonacci retracement, 100% Fibonacci extension). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
Stochastic (21,5,3) is also approaching our resistance where a reaction below this level might see a corresponding drop in price.
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