#USDCAD, H4 is bouncing from our Pivot, potential for a rise.
Price is approaching pivot level of 1.24449, which is in line with 50.0% Fibonacci retracement level, 61.8% Fibonacci extension level and horizontal overlap support. We can expect further upside towards 1st resistance at price 1.25599. This level coincides with 78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing high resistance. This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1.24449
Why we like it:
50.0% Fibonacci retracement level, 61.8% Fibonacci extension levelhorizontal overlap support
1st Support:
1.23649
78.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.25599
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
1.24449
Why we like it:
50.0% Fibonacci retracement level, 61.8% Fibonacci extension levelhorizontal overlap support
1st Support:
1.23649
78.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.25599
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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