#USDCAD, H4 is bouncing from our Pivot, potential for a rise.
Price is approaching pivot level of 1.25713, which is in line with 61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support. A reversal from this level may see price take resistance at price 1.27198. This level coincides with 61.8% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance. Finally, we can expect price to take support at 1.24485-27.2%Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing low support . This is further supported by how price is now holding above the EMA .
Pivot:
1.25713
Why we like it:
61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support
1st Support:
1.24485
-27.2%Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.27198
61.8% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
1.25713
Why we like it:
61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support
1st Support:
1.24485
-27.2%Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.27198
61.8% Fibonacci retracement level, 78.6% Fibonacci extension 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.