#USDCAD reversed from our Pivot, potential for a drop.
Description:
Price has reversed from our Pivot point at 1.27503, which is in line with 78.6%, 88% Fibonacci retracement, 88% Fibonacci extension and horizontal graphical resistance. We could potentially see price drop towards our 1st support level at 1.26218. It is worth noting that price is trending within a bearish channel, under the Ichimoku cloud, in line with our bearish view. Stochastics is also showing bearish pressure as price reversed previously from the 93% level.
Pivot: 1.27503
Why we like it:
78.6%, 88% Fibonacci retracement, 88% Fibonacci extension and horizontal graphical resistance.
1st Support: 1.26218
Why we like it:
61.8%, 100% Fibonacci extension, 78.6% fibonacci retracement and horizontal swing low support.
1st Resistance: 1.28150
Why we like it:
127%, 127% Fibonacci retracement and horizontal graphical resistance.
Trading FX & CFDs carries high risk.
Price has reversed from our Pivot point at 1.27503, which is in line with 78.6%, 88% Fibonacci retracement, 88% Fibonacci extension and horizontal graphical resistance. We could potentially see price drop towards our 1st support level at 1.26218. It is worth noting that price is trending within a bearish channel, under the Ichimoku cloud, in line with our bearish view. Stochastics is also showing bearish pressure as price reversed previously from the 93% level.
Pivot: 1.27503
Why we like it:
78.6%, 88% Fibonacci retracement, 88% Fibonacci extension and horizontal graphical resistance.
1st Support: 1.26218
Why we like it:
61.8%, 100% Fibonacci extension, 78.6% fibonacci retracement and horizontal swing low support.
1st Resistance: 1.28150
Why we like it:
127%, 127% Fibonacci retracement and horizontal graphical 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.