#USDCAD approaching pivot, potential for reversal
Price is approaching pivot level of 1.26484, which is in line with 61.8% Fibonacci retracement levelhorizontal overlap support. A reversal from this level may see price take resistance at price 1.28348. This level coincides with 61.8% Fibonacci retracement level. Finally, we can expect price to take support at 1.2587978.6% Fibonacci retracement levelhorizontal overlap support . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.26484
Why we like it:
61.8% Fibonacci retracement levelhorizontal overlap support
1st Support:
1.25879
Why we like it:
78.6% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
1.28348
Why we like it:
61.8% Fibonacci retracement level
Trading FX & CFDs carries high risk.
Pivot:
1.26484
Why we like it:
61.8% Fibonacci retracement levelhorizontal overlap support
1st Support:
1.25879
Why we like it:
78.6% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
1.28348
Why we like it:
61.8% Fibonacci retracement level
Trading FX & CFDs carries high risk.
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