#USDCAD approaching pivot, potential for a reversal!
Price is approaching pivot level of 1.25375 where we have 61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap resistance lining up. A reversal from this level might see price take support at 1.24237, which is in line with 61.8% Fibonacci extension level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 1.26057, which coincides with 50.0% Fibonacci retracement level, 200% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.25375
Why we like it:
61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap resistance
1st Support:
1.24237
61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.26057
50.0% Fibonacci retracement level, 200% Fibonacci extension level & horizontal swing high 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.