USD/CAD approaching resistance, potential drop!

USDCAD is approaching our first resistance at 1.3404 (horizontal overlap resistance, 76.4% Fibonacci retracement , 100% Fibonacci extension ) where a strong drop might occur below this level pushing price down to our major support at 1.3342 (horizontal pullback support, potential 61.8% Fibonacci retracement ).

Stochastic is also approaching resistance where 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.analytics5cb683379c0f9.png

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