#USDCAD approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 1.2381 which is in line with 61.8% Fibonacci retracement level & horizontal overlap resistance. Price can potentially take support at 1.23414, which is in line with 38.2% Fibonacci retracement levelhorizontal overlap support. Alternatively, price may rise up to our resistance at 1.23995, which coincides with 78.6% Fibonacci retracement levelhorizontal overlap resistance . This is further supported by how price is holding below the EMA
Pivot:
1.23810
Why we like it:
61.8% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1.23414
Why we like it:
38.2% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
1.23995
Why we like it:
78.6% Fibonacci retracement levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 1.2381 which is in line with 61.8% Fibonacci retracement level & horizontal overlap resistance. Price can potentially take support at 1.23414, which is in line with 38.2% Fibonacci retracement levelhorizontal overlap support. Alternatively, price may rise up to our resistance at 1.23995, which coincides with 78.6% Fibonacci retracement levelhorizontal overlap resistance . This is further supported by how price is holding below the EMA
Pivot:
1.23810
Why we like it:
61.8% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1.23414
Why we like it:
38.2% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
1.23995
Why we like it:
78.6% Fibonacci retracement levelhorizontal overlap 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.