USDCAD approaching resistance, potential drop!

21 ביוני 2018

Price is approaching our first resistance at 1.3383 (horizontal pullback resistance, 76.4% Fibonacci retracement, 100% Fibonacci extension) where a strong reaction might occur below this level pushing price down to our major support at 1.2721 (horizontal swing low support, 100% Fibonacci extension, 50%, 76.4% Fibonacci retracement). A breakout below our intermediate support at 1.3063 (horizontal pullback support, 38.2% Fibonacci retracement) might provide the bearish acceleration to our major support target.
Stochastic (89,5,3) is also approaching its resistance and a reaction off this level might see a corresponding drop in price.
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