#USDCAD approaching pivot, potential for a bounce!
Price is approaching pivot level of 1.24927, which is in line with 100% Fibonacci extension level, horizontal swing low support. A reversal from this level may see price take resistance at price 1.25622. This level coincides with horizontal swing high resistance, 50.0% Fibonacci retracement level. Finally, we can expect price to take support at 1.24226horizontal swing low support . This is further supported by how MACD is holding below the 0 line.
Pivot:
1.24927
Why we like it:
100% Fibonacci extension level, horizontal swing low support
1st Support:
1.24226
Why we like it:
horizontal swing low support
1st Resistance:
1.25622
Why we like it:
horizontal swing high resistance, 50.0% Fibonacci retracement level
Trading FX & CFDs carries high risk.
Pivot:
1.24927
Why we like it:
100% Fibonacci extension level, horizontal swing low support
1st Support:
1.24226
Why we like it:
horizontal swing low support
1st Resistance:
1.25622
Why we like it:
horizontal swing high resistance, 50.0% Fibonacci retracement level
Trading FX & CFDs carries high risk.
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