#USDCAD, H4 is bouncing from our Pivot, potential for a rise.
Price is approaching pivot level of 1.26649, which is in line with 38.2% Fibonacci retracement level, 61.8% Fibonacci retracement level & horizontal overlap support. A reversal from this level may see price take resistance at price 1.28921. This level coincides with -27.2%Fibonacci retracement level, 161.8% Fibonacci extension level. Finally, we can expect price to take support at 1.2506678.6% Fibonacci retracement level & horizontal swing low support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1.26649
Why we like it:
38.2% Fibonacci retracement level, 61.8% Fibonacci retracement level & horizontal overlap support
1st Support:
1.25066
78.6% Fibonacci retracement level & horizontal swing low support
1st Resistance:
1.28921
-27.2%Fibonacci retracement level, 161.8% Fibonacci extension level
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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.