#USDCAD approaching pivot, potential for rise!
Description
Price has broken above our pivot level at 1.23619 which is in line with 61.8% Fibonacci retracement level & horizontal swing low support . We could potentially see a further rise from here towards 1.24021, which coincides with 127.2% Fibonacci extension levelhorizontal swing high resistance. Finally, we can expect price to take support at 1.23435, which coincides with horizontal swing low support . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.23619
Why we like it:
61.8% Fibonacci retracement level & horizontal swing low support
1st Support:
1.23435
Why we like it:
horizontal swing low support
1st Resistance:
1.24021
Why we like it:
127.2% Fibonacci extension levelhorizontal swing high resistance
Trading FX & CFDs carries high risk.
Price has broken above our pivot level at 1.23619 which is in line with 61.8% Fibonacci retracement level & horizontal swing low support . We could potentially see a further rise from here towards 1.24021, which coincides with 127.2% Fibonacci extension levelhorizontal swing high resistance. Finally, we can expect price to take support at 1.23435, which coincides with horizontal swing low support . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.23619
Why we like it:
61.8% Fibonacci retracement level & horizontal swing low support
1st Support:
1.23435
Why we like it:
horizontal swing low support
1st Resistance:
1.24021
Why we like it:
127.2% Fibonacci extension levelhorizontal swing high resistance
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.