USDCAD approaching our Pivot, potential for a bearish breakout
Description:
Price is approaching our Pivot point at 1.24734, which is in line with 61.8% fibonacci retracement and horizontal graphical overlap. We could potentially see price drop here towards our 1st support level at 1.24262, in line with 78.6%, 127% fibonacci retracement, 61.8% fibonacci extension and horizontal swing low support. It is worth noting that price is under the Ichimoku clouds and MACD is below 0, in line with our bearish analysis.
Pivot: 1.24734
Why we like it:
61.8% fibonacci retracement and horizontal graphical overlap
1st Support: 1.24262
Why we like it:
78.6%, 127% fibonacci retracement, 61.8% fibonacci extension and horizontal swing low support
1st Resistance: 1.25091
Why we like it:
78.6% fibonacci retracement and Ichimoku cloud resistance.
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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.