#USDCAD approaching pivot, potential for reversal
Price is approaching pivot level of 1.26484, which is in line with 61.8% Fibonacci retracement levelhorizontal overlap support. A reversal from this level may see price take resistance at price 1.28348. This level coincides with 61.8% Fibonacci retracement level. Finally, we can expect price to take support at 1.2587978.6% Fibonacci retracement levelhorizontal overlap support . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.26484
Why we like it:
61.8% Fibonacci retracement levelhorizontal overlap support
1st Support:
1.25879
Why we like it:
78.6% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
1.28348
Why we like it:
61.8% Fibonacci retracement level
Trading FX & CFDs carries high risk.
Pivot:
1.26484
Why we like it:
61.8% Fibonacci retracement levelhorizontal overlap support
1st Support:
1.25879
Why we like it:
78.6% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
1.28348
Why we like it:
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.