USD/CAD approaching resistance, potential drop!

USDCAD is approaching our first resistance at 1.3399 (horizontal swing high resistance, 76.4% Fibonacci retracement , 61.8% Fibonacci extension ) where a strong drop might occur below this level pushing price down to our major support at 1.3274 (100% Fibonacci extension , horizontal swing low support).

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.

The material has been provided by InstaForex Company - www.instaforex.com

USD/CAD approaching resistance, potential drop!

USDCAD is approaching our first resistance at 1.3399 (horizontal swing high resistance, 76.4% Fibonacci retracement , 61.8% Fibonacci extension ) where a strong drop might occur below this level pushing price down to our major support at 1.3339 (50% 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.

The material has been provided by InstaForex Company - www.instaforex.com

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.

The material has been provided by InstaForex Company - www.instaforex.com

USD/CAD approaching resistance, potential drop!

USDCAD is approaching our first resistance at 1.3471 (horizontal swing high resistance, 61.8% Fibonacci extension ) where a strong drop might occur below this level pushing price down to our major support at 1.3362 (horizontal overlap support, 50% Fibonacci retracement , 100% Fibonacci extension ). Stochastic (89,5,3) 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.

The material has been provided by InstaForex Company - www.instaforex.com

USD/CAD approaching resistance, potential drop!

USD/CAD is approaching our first resistance at 1.3468 (horizontal swing high resistance, 61.8% extension) where a strong drop might occur below this level pushing the price down to our major support at 1.3340 (61.8% fibonacci retracement, 61.8% Fibonacci extension, horizontal pullback support). Stochastic (55,5,3) is also nearing 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.

The material has been provided by InstaForex Company - www.instaforex.com

USD/CAD approaching resistance, potential drop!

USD/CAD is approaching our first resistance at 1.3468 (horizontal swing high resistance, 61.8% extension) where a strong drop might occur below this level pushing the price down to our major support at 1.3340 (61.8% fibonacci retracement, 61.8% Fibonacci extension, horizontal pullback support). Stochastic (55,5,3) is also nearing 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.

The material has been provided by InstaForex Company - www.instaforex.com