#USDCAD reversing towards our Pivot, potential for a drop.
Description:
Price is showing reversal towards our Pivot point at 1.27458, which is in line with 38.2%, 61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal graphical overlap. We could potentially see price drop towards our 1st support level at 1.26637. It is worth noting that price is trending within a bearish channel, in line with our bearish view.
Pivot: 1.27458
Why we like it:
38.2%, 61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal graphical overlap
1st Support: 1.26637
Why we like it:
127% Fibonacci extension and 61.8%, -27% fibonacci retracement
1st Resistance: 1.27825
Why we like it:
88%, -27% Fibonacci retracement, 61.8% fibonacci extension and horizontal swing high resistance.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.