USDCAD approaching support, potential bounce!
USDCAD approaching support, potential bounce!
Price is approaching our first support at 1.3070 (horizontal overlap support, 23.6%, 38.2% Fibonacci retracement) and a strong bounce might occur below this level pushing price up to our major resistance at 1.3321 (horizontal swing high resistance, 61.8% Fibonacci extension, 78.6% Fibonacci retracement).
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.
Price is approaching our first support at 1.3070 (horizontal overlap support, 23.6%, 38.2% Fibonacci retracement) and a strong bounce might occur below this level pushing price up to our major resistance at 1.3321 (horizontal swing high resistance, 61.8% Fibonacci extension, 78.6% Fibonacci retracement).
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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