#USDCAD approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 1.2701 which is in line with 38.2% Fibonacci retracement level, 23.6% Fibonacci extension level & horizontal pullback resistance. Price can potentially take support at 1.25814, which is in line with 61.8% Fibonacci retracement levelhorizontal swing low support & 100% Fibonacci extension level. Alternatively, price may rise up to our resistance at 1.27896, which coincides with 61.8% Fibonacci extension levelhorizontal overlap resistance & 61.8% Fibonacci retracement level . This is further supported by how price is holding below the EMA
Pivot:
1.27010
Why we like it:
38.2% Fibonacci retracement level, 23.6% Fibonacci extension level & horizontal pullback resistance
1st Support:
Why we like it:
1.25814
61.8% Fibonacci retracement levelhorizontal swing low support & 100% Fibonacci extension level
1st Resistance:
Why we like it:
1.27896
61.8% Fibonacci extension levelhorizontal overlap resistance & 61.8% Fibonacci retracement level
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 1.2701 which is in line with 38.2% Fibonacci retracement level, 23.6% Fibonacci extension level & horizontal pullback resistance. Price can potentially take support at 1.25814, which is in line with 61.8% Fibonacci retracement levelhorizontal swing low support & 100% Fibonacci extension level. Alternatively, price may rise up to our resistance at 1.27896, which coincides with 61.8% Fibonacci extension levelhorizontal overlap resistance & 61.8% Fibonacci retracement level . This is further supported by how price is holding below the EMA
Pivot:
1.27010
Why we like it:
38.2% Fibonacci retracement level, 23.6% Fibonacci extension level & horizontal pullback resistance
1st Support:
Why we like it:
1.25814
61.8% Fibonacci retracement levelhorizontal swing low support & 100% Fibonacci extension level
1st Resistance:
Why we like it:
1.27896
61.8% Fibonacci extension levelhorizontal overlap resistance & 61.8% Fibonacci retracement 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.