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18.07.2023 09:50 AM
USDCAD,H4 | Falling to a support level?
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USD/CAD shows bearish momentum below the Ichimoku cloud, potentially extending the decline towards the 1st support at 1.3099. There's an intermediate support at 1.3148, coinciding with the 61.8% Fibonacci retracement, and the 2nd support at 1.3056, with strong Fibonacci confluence. A reversal may encounter resistance at 1.3234, coinciding with the 50% Fibonacci retracement, and the 2nd resistance at 1.3278, aligned with the 61.80% Fibonacci retracement. These resistance levels may hinder further upward movement.

Dean Leo,
Analytical expert of InstaTrade
© 2007-2025

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