USDCAD approaching resistance, potential drop!
USDCAD broke out of its short term ascending support-turned-resistance line and is approaching our first resistance at 1.3063 (horizontal overlap resistance) where a strong drop might occur below this level pushing price down to our major support at 1.2958 (horizontal swing low support, 100% Fibonacci extension, 50% Fibonacci retracement).
RSI (89) is also seeing a bearish exit and we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (89) is also seeing a bearish exit and we might see a corresponding drop 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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