USDCAD approaching resistance, potential drop!

USDCAD is approaching our first resistance at 1.3387 (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 1.3069 (horizontal pullback support, 61.8% Fibonacci extension, 23.6% Fibonacci retracement).
Stochastic (89,5,3) is also approaching its resistance and a reaction off this level 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.
CADChart PatternsForexforexsignalsforextradingHarmonic PatternsTrend AnalysisUSDUSDCADusdcadlongusdcadshort

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