#USDCAD is reacting below pivot, potential for a drop
Price is reaction below our pivot level at 1.29135 which is in-line with 127.2% Fibonacci retracement level and 100% Fibonacci extension level. Price could potentially drops towards support at 1.27910 which is in-line with 23.6% Fibonacci retracement level, 61.8% Fibonacci extension and horizontal pullback support. Stochastic is also at resistance where previous drops occurred.
Alternatively, price may swing towards resistance at 1.30455, which coincides with 161.8% Fibonacci retracement level and 127.2% Fibonacci extension level.
Pivot:
1.29135
Why we like it:
127.2% Fibonacci retracement level and 100% Fibonacci extension level
1st Support:
1.27910
23.6% Fibonacci retracement level, 61.8% Fibonacci extension and horizontal pullback support
1st Resistance:
1.30455
161.8% Fibonacci retracement level and 127.2% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price may swing towards resistance at 1.30455, which coincides with 161.8% Fibonacci retracement level and 127.2% Fibonacci extension level.
Pivot:
1.29135
Why we like it:
127.2% Fibonacci retracement level and 100% Fibonacci extension level
1st Support:
1.27910
23.6% Fibonacci retracement level, 61.8% Fibonacci extension and horizontal pullback support
1st Resistance:
1.30455
161.8% Fibonacci retracement level and 127.2% Fibonacci extension level
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.