#USDCAD approaching pivot, potential for rise!
Description
Price has broken above our pivot level at 1.25712 which is in line with 78.6% Fibonacci retracement level & horizontal swing low support . We could potentially see a further rise from here towards 1.25052, which coincides with 161.8% Fibonacci retracement level. Finally, we can expect price to take support at 1.27212, which coincides with 100% Fibonacci extension levelhorizontal overlap resistance . This is further supported by how price is likely to reverse off the RSI resistance level.
Pivot:
1.25712
Why we like it:
78.6% Fibonacci retracement level & horizontal swing low support
1st Support:
1.27212
Why we like it:
100% Fibonacci extension levelhorizontal overlap resistance
1st Resistance:
1.25052
Why we like it:
161.8% Fibonacci retracement level
Trading FX & CFDs carries high risk.
Price has broken above our pivot level at 1.25712 which is in line with 78.6% Fibonacci retracement level & horizontal swing low support . We could potentially see a further rise from here towards 1.25052, which coincides with 161.8% Fibonacci retracement level. Finally, we can expect price to take support at 1.27212, which coincides with 100% Fibonacci extension levelhorizontal overlap resistance . This is further supported by how price is likely to reverse off the RSI resistance level.
Pivot:
1.25712
Why we like it:
78.6% Fibonacci retracement level & horizontal swing low support
1st Support:
1.27212
Why we like it:
100% Fibonacci extension levelhorizontal overlap resistance
1st Resistance:
1.25052
Why we like it:
161.8% Fibonacci retracement level
Trading FX & CFDs carries high risk.
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