#USDCAD approaching pivot, potential for rise!
Description
Price has broken above our pivot level at 1.24236 which is in line with 100% Fibonacci extension level & horizontal swing low support . We could potentially see a further rise from here towards 1.24985, which coincides with 38.2% Fibonacci retracement level, 23.6% Fibonacci retracement level & horizontal overlap resistance. Finally, we can expect price to take support at 1.23916, which coincides with 127.2% Fibonacci extension level . This is further supported by how price is likely to bounce off the RSI support level .
Pivot:
1.24236
Why we like it:
100% Fibonacci extension level & horizontal swing low support
1st Support:
1.23916
Why we like it:
127.2% Fibonacci extension level
1st Resistance:
1.24985
Why we like it:
38.2% Fibonacci retracement level, 23.6% Fibonacci retracement level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Price has broken above our pivot level at 1.24236 which is in line with 100% Fibonacci extension level & horizontal swing low support . We could potentially see a further rise from here towards 1.24985, which coincides with 38.2% Fibonacci retracement level, 23.6% Fibonacci retracement level & horizontal overlap resistance. Finally, we can expect price to take support at 1.23916, which coincides with 127.2% Fibonacci extension level . This is further supported by how price is likely to bounce off the RSI support level .
Pivot:
1.24236
Why we like it:
100% Fibonacci extension level & horizontal swing low support
1st Support:
1.23916
Why we like it:
127.2% Fibonacci extension level
1st Resistance:
1.24985
Why we like it:
38.2% Fibonacci retracement level, 23.6% Fibonacci retracement level & horizontal overlap 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.