#USDCAD approaching pivot, potential for rise!
Description
Price has broken above our pivot level at 1.23619 which is in line with 61.8% Fibonacci retracement level & horizontal swing low support . We could potentially see a further rise from here towards 1.24021, which coincides with 127.2% Fibonacci extension levelhorizontal swing high resistance. Finally, we can expect price to take support at 1.23435, which coincides with horizontal swing low support . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.23619
Why we like it:
61.8% Fibonacci retracement level & horizontal swing low support
1st Support:
1.23435
Why we like it:
horizontal swing low support
1st Resistance:
1.24021
Why we like it:
127.2% Fibonacci extension levelhorizontal swing high resistance
Trading FX & CFDs carries high risk.
Price has broken above our pivot level at 1.23619 which is in line with 61.8% Fibonacci retracement level & horizontal swing low support . We could potentially see a further rise from here towards 1.24021, which coincides with 127.2% Fibonacci extension levelhorizontal swing high resistance. Finally, we can expect price to take support at 1.23435, which coincides with horizontal swing low support . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.23619
Why we like it:
61.8% Fibonacci retracement level & horizontal swing low support
1st Support:
1.23435
Why we like it:
horizontal swing low support
1st Resistance:
1.24021
Why we like it:
127.2% Fibonacci extension levelhorizontal swing high resistance
Trading FX & CFDs carries high risk.
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