#USDCAD approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 1.2381 which is in line with 61.8% Fibonacci retracement level & horizontal overlap resistance. Price can potentially take support at 1.23414, which is in line with 38.2% Fibonacci retracement levelhorizontal overlap support. Alternatively, price may rise up to our resistance at 1.23995, which coincides with 78.6% Fibonacci retracement levelhorizontal overlap resistance . This is further supported by how price is holding below the EMA
Pivot:
1.23810
Why we like it:
61.8% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1.23414
Why we like it:
38.2% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
1.23995
Why we like it:
78.6% Fibonacci retracement levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 1.2381 which is in line with 61.8% Fibonacci retracement level & horizontal overlap resistance. Price can potentially take support at 1.23414, which is in line with 38.2% Fibonacci retracement levelhorizontal overlap support. Alternatively, price may rise up to our resistance at 1.23995, which coincides with 78.6% Fibonacci retracement levelhorizontal overlap resistance . This is further supported by how price is holding below the EMA
Pivot:
1.23810
Why we like it:
61.8% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1.23414
Why we like it:
38.2% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
1.23995
Why we like it:
78.6% Fibonacci retracement levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
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