#USDCAD, H4 approaching Pivot, potential for bounce.
Price is approaching pivot level of 1.25111, which is in line with 61.8% Fibonacci retracement level, 78.6% Fibonacci retracement level & horizontal overlap support. A bounce from this level may see price take resistance at price 1.27664. This level coincides with 61.8% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance. This is further supported by how price is now holding above the EMA .
Pivot:
1.25111
Why we like it:
61.8% Fibonacci retracement level, 78.6% Fibonacci retracement level & horizontal overlap support
1st Support:
1.24325
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.27664
61.8% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
1.25111
Why we like it:
61.8% Fibonacci retracement level, 78.6% Fibonacci retracement level & horizontal overlap support
1st Support:
1.24325
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.27664
61.8% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
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