#USDCAD approaching pivot, potential for rise!
Description
Price has broken above our pivot level at 1.2574 which is in line with & horizontal swing low support . We could potentially see a further rise from here towards 1.25052, which coincides with 161.8% Fibonacci retracement level. Finally, we can expect price to take support at 1.27212, which coincides with 100% Fibonacci extension level . This is further supported by how price is likely to reverse off the RSI resistance level.
Pivot:
1.25740
Why we like it:
& horizontal swing low support
1st Support:
1.27212
Why we like it:
100% Fibonacci extension level
1st Resistance:
1.25052
Why we like it:
161.8% Fibonacci retracement level
Trading FX & CFDs carries high risk.
Price has broken above our pivot level at 1.2574 which is in line with & horizontal swing low support . We could potentially see a further rise from here towards 1.25052, which coincides with 161.8% Fibonacci retracement level. Finally, we can expect price to take support at 1.27212, which coincides with 100% Fibonacci extension level . This is further supported by how price is likely to reverse off the RSI resistance level.
Pivot:
1.25740
Why we like it:
& horizontal swing low support
1st Support:
1.27212
Why we like it:
100% Fibonacci extension level
1st Resistance:
1.25052
Why we like it:
161.8% Fibonacci retracement 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.