USDCAD approaching its support, potential for a bounce!

USDCAD is approaching its support at 1.2711 (61.8% Fibonacci extension, 61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap support) where a potential bounce may happen, pushing price to its resistance at 1.2830 (61.8% Fibonacci extension, 23.6% Fibonacci retracement, horizontal overlap resistance). If it surpasses that level, it could rise to the 2nd resistance at 1.2936 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap resistance. We have also identified another support at 1.2645 (100% Fibonacci extension, horizontal overlap support).

Stochastic (89, 5, 3) is approaching its support at 5.7% where we expect to see a bounce. A bullish divergence with price has also been identified which contributes to our bullish bias.