#USDCAD approaching pivot, potential for rise!
Description
Price has broken above our pivot level at 1.24236 which is in line with 100% Fibonacci extension level & horizontal swing low support . We could potentially see a further rise from here towards 1.24985, which coincides with 38.2% Fibonacci retracement level, 23.6% Fibonacci retracement level & horizontal overlap resistance. Finally, we can expect price to take support at 1.23916, which coincides with 127.2% Fibonacci extension level . This is further supported by how price is likely to bounce off the RSI support level .
Pivot:
1.24236
Why we like it:
100% Fibonacci extension level & horizontal swing low support
1st Support:
1.23916
Why we like it:
127.2% Fibonacci extension level
1st Resistance:
1.24985
Why we like it:
38.2% Fibonacci retracement level, 23.6% Fibonacci retracement level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Price has broken above our pivot level at 1.24236 which is in line with 100% Fibonacci extension level & horizontal swing low support . We could potentially see a further rise from here towards 1.24985, which coincides with 38.2% Fibonacci retracement level, 23.6% Fibonacci retracement level & horizontal overlap resistance. Finally, we can expect price to take support at 1.23916, which coincides with 127.2% Fibonacci extension level . This is further supported by how price is likely to bounce off the RSI support level .
Pivot:
1.24236
Why we like it:
100% Fibonacci extension level & horizontal swing low support
1st Support:
1.23916
Why we like it:
127.2% Fibonacci extension level
1st Resistance:
1.24985
Why we like it:
38.2% Fibonacci retracement level, 23.6% Fibonacci retracement level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Disclaimer
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