#USDCAD, H4 is bouncing from our Pivot, potential for a rise.
Price is approaching pivot level of 1.25713, which is in line with 61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support. A reversal from this level may see price take resistance at price 1.27198. This level coincides with 61.8% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance. Finally, we can expect price to take support at 1.24485-27.2%Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing low support . This is further supported by how price is now holding above the EMA .
Pivot:
1.25713
Why we like it:
61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support
1st Support:
1.24485
-27.2%Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.27198
61.8% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
1.25713
Why we like it:
61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support
1st Support:
1.24485
-27.2%Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.27198
61.8% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
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