USDCAD approaching its support, potential for a bounce
USDCAD is approaching its support at 1.2710 (61.8% Fibonacci extension x2, 61.8% Fibonacci retracement, horizontal overlap support) where it could potentially rise to its 1st resistance at 1.2832 (23.6% Fibonacci retracement, horizontal overlap resistance). If it surpasses this level, it could rise to its next resistance at 1.2938 (61.8% Fibonacci extension, 50% Fibonacci retracement).
Stochastic (89, 5, 3) is approaching its support at 3.8% where it has a lot of upside potential. We have also identified a bullish divergence with price which contributes to our bullish bias.
Stochastic (89, 5, 3) is approaching its support at 3.8% where it has a lot of upside potential. We have also identified a bullish divergence with price which contributes to our bullish bias.
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