USDCAD is approaching its support, potential bounce!

4 באפר׳ 2018

USDCAD is approaching its support at 1.2786 (38.2% Fibonacci retracement, 50% Fibonacci retracement, 61.8% Fibonacci extension, horizontal pullback support) where it a bounce could happen, causing price to rise to its 1st resistance at 1.2866 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal pullback resistance). If price surpasses this resistance, it could rise to its 2nd resistance at 1.2955 (50% Fibonacci retracement, horizontal swing high resistance). We have also identified another support at 1.2687 (50% Fibonacci retracement, horizontal overlap support).
Stochastic (89, 5, 3) is also approaching its support at 2.4% where a corresponding reaction could occur.