USDCAD approaching support, potential bounce!

USDCAD is approaching our support at 1.2743 (Horizontal overlap support, 61.8% Fibonacci extension). A strong bounce might occur at this level, pushing price up to our major resistance at 1.3122 (horizontal swing high resistance).

Stochastic (55,5,3) is also approaching our major support and a we might see a corresponding rise in price should it bounce off this level.

Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.