#USDCAD approaching pivot, potential for a reversal!
Description
Price is approaching pivot level of 1.2642 where we have 38.2% Fibonacci extension level & horizontal pullback resistance lining up. A reversal from this level might see price take support at 1.26667, which is in line with 50.0% Fibonacci extension level. Finally, price is unlikely to surpass our strong resistance at 1.25576, which coincides with 127.2% Fibonacci retracement levelhorizontal swing low support . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.26420
Why we like it:
38.2% Fibonacci extension level & horizontal pullback resistance
1st Support:
1.26667
Why we like it:
50.0% Fibonacci extension level
1st Resistance:
1.25576
Why we like it:
127.2% Fibonacci retracement level horizontal swing low support
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 1.2642 where we have 38.2% Fibonacci extension level & horizontal pullback resistance lining up. A reversal from this level might see price take support at 1.26667, which is in line with 50.0% Fibonacci extension level. Finally, price is unlikely to surpass our strong resistance at 1.25576, which coincides with 127.2% Fibonacci retracement levelhorizontal swing low support . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.26420
Why we like it:
38.2% Fibonacci extension level & horizontal pullback resistance
1st Support:
1.26667
Why we like it:
50.0% Fibonacci extension level
1st Resistance:
1.25576
Why we like it:
127.2% Fibonacci retracement level horizontal swing low support
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.