#USDCAD approaching pivot, potential for a bounce!
Description
Price is approaching pivot level of 1.25827, which is in line with 61.8% Fibonacci retracement level, 78.6% Fibonacci retracement level. A reversal from this level may see price take resistance at price 1.27254. This level coincides with 50.0% Fibonacci retracement level. Finally, we can expect price to take support at 1.2494horizontal swing low support . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
1.25827
Why we like it:
61.8% Fibonacci retracement level, 78.6% Fibonacci retracement level
1st Support:
1.24940
Why we like it:
horizontal swing low support
1st Resistance:
1.27254
Why we like it:
50.0% Fibonacci retracement level
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 1.25827, which is in line with 61.8% Fibonacci retracement level, 78.6% Fibonacci retracement level. A reversal from this level may see price take resistance at price 1.27254. This level coincides with 50.0% Fibonacci retracement level. Finally, we can expect price to take support at 1.2494horizontal swing low support . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
1.25827
Why we like it:
61.8% Fibonacci retracement level, 78.6% Fibonacci retracement level
1st Support:
1.24940
Why we like it:
horizontal swing low support
1st Resistance:
1.27254
Why we like it:
50.0% 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.