#USDCAD approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 1.23807 which is in line with 50.0% Fibonacci retracement level & horizontal swing low support. Price can potentially take support at 1.2305, which is in line with 127.2% Fibonacci extension levelhorizontal swing high resistance. Alternatively, price may rise up to our resistance at 1.24037, which coincides with 78.6% Fibonacci retracement levelhorizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.23807
Why we like it:
50.0% Fibonacci retracement level & horizontal swing low support
1st Support:
1.23050
Why we like it:
127.2% Fibonacci extension levelhorizontal swing high resistance
1st Resistance:
1.24037
Why we like it:
78.6% Fibonacci retracement levelhorizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 1.23807 which is in line with 50.0% Fibonacci retracement level & horizontal swing low support. Price can potentially take support at 1.2305, which is in line with 127.2% Fibonacci extension levelhorizontal swing high resistance. Alternatively, price may rise up to our resistance at 1.24037, which coincides with 78.6% Fibonacci retracement levelhorizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.23807
Why we like it:
50.0% Fibonacci retracement level & horizontal swing low support
1st Support:
1.23050
Why we like it:
127.2% Fibonacci extension levelhorizontal swing high resistance
1st Resistance:
1.24037
Why we like it:
78.6% Fibonacci retracement 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.