#USDCAD approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 1.28451 which is in line with horizontal swing high resistance. Price can potentially drop to 1st support at 1.27305, which is in line with 50.0% Fibonacci retracement level and horizontal overlap support. Alternatively, price may rise up to our 1st resistance at 1.29274, which coincides with 127.2% Fibonacci extension level and horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.28451
Why we like it:
horizontal swing high resistance
1st Support:
1.27305
Why we like it:
50.0% Fibonacci retracement level and horizontal overlap support
1st Resistance:
1.29274
Why we like it:
127.2% Fibonacci extension level and horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 1.28451 which is in line with horizontal swing high resistance. Price can potentially drop to 1st support at 1.27305, which is in line with 50.0% Fibonacci retracement level and horizontal overlap support. Alternatively, price may rise up to our 1st resistance at 1.29274, which coincides with 127.2% Fibonacci extension level and horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.28451
Why we like it:
horizontal swing high resistance
1st Support:
1.27305
Why we like it:
50.0% Fibonacci retracement level and horizontal overlap support
1st Resistance:
1.29274
Why we like it:
127.2% Fibonacci extension level and horizontal swing high resistance
Trading FX & CFDs carries high risk.
Disclaimer
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