#USDCAD is below pivot, potential for a further downside
Price is reaction below our pivot level at 1.26504 which is in line with 61.8% Fibonacci retracement level and 100% Fibonacci extension level. Price could potentially drops towards support at 1.25683 which is in line with 50% Fibonacci retracement level, 78.6% Fibonacci extension and horizontal pullback support. RSI is also at resistance where previous drops occurred.
Alternatively, price may swing towards resistance at 1.27095, which coincides with 78.6% Fibonacci retracement level and 127.2% Fibonacci extension level.
Pivot:
1.26504
Why we like it:
61.8% Fibonacci retracement level and 100% Fibonacci extension level
1st Support:
1.25683
50% Fibonacci retracement level, 78.6% Fibonacci extension and horizontal pullback support
1st Resistance:
1.27095
78.6% Fibonacci retracement level and 127.2% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price may swing towards resistance at 1.27095, which coincides with 78.6% Fibonacci retracement level and 127.2% Fibonacci extension level.
Pivot:
1.26504
Why we like it:
61.8% Fibonacci retracement level and 100% Fibonacci extension level
1st Support:
1.25683
50% Fibonacci retracement level, 78.6% Fibonacci extension and horizontal pullback support
1st Resistance:
1.27095
78.6% Fibonacci retracement level and 127.2% Fibonacci extension level
Trading FX & CFDs carries high risk.
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.
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.