#USDCAD approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 1.2701 which is in line with 38.2% Fibonacci retracement level, 23.6% Fibonacci extension level & horizontal pullback resistance. Price can potentially take support at 1.25814, which is in line with 61.8% Fibonacci retracement levelhorizontal swing low support & 100% Fibonacci extension level. Alternatively, price may rise up to our resistance at 1.27896, which coincides with 61.8% Fibonacci extension levelhorizontal overlap resistance & 61.8% Fibonacci retracement level . This is further supported by how price is holding below the EMA
Pivot:
1.27010
Why we like it:
38.2% Fibonacci retracement level, 23.6% Fibonacci extension level & horizontal pullback resistance
1st Support:
Why we like it:
1.25814
61.8% Fibonacci retracement levelhorizontal swing low support & 100% Fibonacci extension level
1st Resistance:
Why we like it:
1.27896
61.8% Fibonacci extension levelhorizontal overlap resistance & 61.8% Fibonacci retracement level
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 1.2701 which is in line with 38.2% Fibonacci retracement level, 23.6% Fibonacci extension level & horizontal pullback resistance. Price can potentially take support at 1.25814, which is in line with 61.8% Fibonacci retracement levelhorizontal swing low support & 100% Fibonacci extension level. Alternatively, price may rise up to our resistance at 1.27896, which coincides with 61.8% Fibonacci extension levelhorizontal overlap resistance & 61.8% Fibonacci retracement level . This is further supported by how price is holding below the EMA
Pivot:
1.27010
Why we like it:
38.2% Fibonacci retracement level, 23.6% Fibonacci extension level & horizontal pullback resistance
1st Support:
Why we like it:
1.25814
61.8% Fibonacci retracement levelhorizontal swing low support & 100% Fibonacci extension level
1st Resistance:
Why we like it:
1.27896
61.8% Fibonacci extension levelhorizontal overlap resistance & 61.8% Fibonacci retracement level
Trading FX & CFDs carries high risk.
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