USD/CAD approaching support, potential bounce!

USDCAD is approaching our first support at 1.3295 (horizontal swing low support, short term ascending line) where a strong bounce might occur above this level pushing price up to our first resistance level at 1.3407 (horizontal swing high resistance, 61.8% Fibonacci extension , 61.8% Fibonacci retracement ). Stochastic is also approaching support where we might see a corresponding bounce in price.

Analysis are provided by InstaForex