USDCAD approaching our Pivot, potential for a drop.
Description:
Price is approaching our Pivot point at 1.26834, which is in line with 78.6% Fibonacci retracement, 50% Fibonacci extension and horizontal graphical overlap. We could potentially see price drop towards our 1st support level at 1.26112. It is worth noting that price is trending under the Ichimoku cloud and MACD is under the 0 line, in line with our bearish view.
Pivot: 1.26834
Why we like it:
78.6% Fibonacci retracement, 50% Fibonacci extension and horizontal graphical overlap
1st Support: 1.26112
Why we like it:
-27%, -27% Fibonacci retracement, 88% fibonacci extension and horizontal swing low support.
1st Resistance: 1.27540
Why we like it:
50%, 38.2% Fibonacci retracement and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point at 1.26834, which is in line with 78.6% Fibonacci retracement, 50% Fibonacci extension and horizontal graphical overlap. We could potentially see price drop towards our 1st support level at 1.26112. It is worth noting that price is trending under the Ichimoku cloud and MACD is under the 0 line, in line with our bearish view.
Pivot: 1.26834
Why we like it:
78.6% Fibonacci retracement, 50% Fibonacci extension and horizontal graphical overlap
1st Support: 1.26112
Why we like it:
-27%, -27% Fibonacci retracement, 88% fibonacci extension and horizontal swing low support.
1st Resistance: 1.27540
Why we like it:
50%, 38.2% Fibonacci retracement and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
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