#USDCAD Potential bullish bounce
Description
Price is approaching pivot level of 1.25105, which is in line with 127.2% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap support. A reversal from this level may see price take resistance at price 1.25979. This level coincides with horizontal swing high resistance. Finally, we can expect price to take support at 1.24761.8% Fibonacci retracement levelhorizontal overlap support . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.25105
Why we like it:
127.2% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap support
1st Support:
1.24700
Why we like it:
61.8% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
1.25979
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 1.25105, which is in line with 127.2% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap support. A reversal from this level may see price take resistance at price 1.25979. This level coincides with horizontal swing high resistance. Finally, we can expect price to take support at 1.24761.8% Fibonacci retracement levelhorizontal overlap support . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.25105
Why we like it:
127.2% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap support
1st Support:
1.24700
Why we like it:
61.8% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
1.25979
Why we like it:
horizontal swing high 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.