USD/CAD approaching major support, prepare to buy

Price is dropping strongly towards major support at 1.2966 (multiple Fibonacci extensions, horizontal swing low support, Elliott wave theory) and we expect a bounce above this level to at least 1.3164 resistance (Fibonacci retracement, horizontal pullback resistance).

Stochastic (34,5,3) is seeing major support above 1% where we expect a bounce from.

Buy above 1.2966. Stop loss at 1.2893. Take profit at 1.3164.


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