#USDCAD approaching pivot, potential for a rise!
Description
On the H4, with price moving above the ichimoku cloud indicator, we have a bullish bias that price will rise from pivot at 1.28320 in line with the graphical overlap support to 1st resistance at 1.29274 in line with the graphical swing high resistance and 127.2% Fibonacci extension . Alternatively, we may see price break 1st support and drop to 1st support at 1.27305 in line with the horizontal overlap support and 50% Fibonacci retracement level.
Pivot:
1.28320
Why we like it:
Graphical horizontal overlap support
1st Support:
1.27305
Why we like it:
Graphical horizontal overlap support and 50% Fibonacci retracement level
1st Resistance:
1.29274
Why we like it:
Graphical swing high resistance and 127.2% Fibonacci extension
Trading FX & CFDs carries high risk.
On the H4, with price moving above the ichimoku cloud indicator, we have a bullish bias that price will rise from pivot at 1.28320 in line with the graphical overlap support to 1st resistance at 1.29274 in line with the graphical swing high resistance and 127.2% Fibonacci extension . Alternatively, we may see price break 1st support and drop to 1st support at 1.27305 in line with the horizontal overlap support and 50% Fibonacci retracement level.
Pivot:
1.28320
Why we like it:
Graphical horizontal overlap support
1st Support:
1.27305
Why we like it:
Graphical horizontal overlap support and 50% Fibonacci retracement level
1st Resistance:
1.29274
Why we like it:
Graphical swing high resistance and 127.2% Fibonacci extension
Trading FX & CFDs carries high risk.
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