#USDCAD approaching pivot, potential for a reversal!
Description
Price is approaching pivot level of 1.25587 where we have 50.0% Fibonacci retracement level & horizontal overlap resistance lining up. A reversal from this level might see price take support at 1.24234, which is in line with 78.6% Fibonacci retracement level, 88.6% Fibonacci extension level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 1.26736, which coincides with 61.8% Fibonacci retracement level, 61.8% Fibonacci extension level . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.25587
Why we like it:
50.0% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1.24234
78.6% Fibonacci retracement level, 88.6% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.26736
61.8% Fibonacci retracement level, 61.8% Fibonacci extension level
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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.