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.
