USDCAD is approaching our first resistance at 1.3074 (horizontal swing high resistance, 61.8% Fibonacci retracement, 61.8% Fibonacci extension) and a strong drop might occur below this level pushing price down to our major support at 1.2934 (horizontal swing low support, 50% Fibonacci retracement).
Stochastic (34) is also facing bearish pressure and 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.

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