#USDCAD approaching pivot, potential for a reversal!
Description
Price is approaching pivot level of 1.25022 where we have 23.6% Fibonacci retracement level & horizontal overlap resistance lining up. A reversal from this level might see price take support at 1.24227, which is in line with 100% Fibonacci extension levelhorizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 1.25452, which coincides with 50.0% Fibonacci retracement levelhorizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.25022
Why we like it:
23.6% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1.24227
Why we like it:
100% Fibonacci extension level horizontal swing low support
1st Resistance:
1.25452
Why we like it:
50.0% Fibonacci retracement level horizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 1.25022 where we have 23.6% Fibonacci retracement level & horizontal overlap resistance lining up. A reversal from this level might see price take support at 1.24227, which is in line with 100% Fibonacci extension levelhorizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 1.25452, which coincides with 50.0% Fibonacci retracement levelhorizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.25022
Why we like it:
23.6% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1.24227
Why we like it:
100% Fibonacci extension level horizontal swing low support
1st Resistance:
1.25452
Why we like it:
50.0% Fibonacci retracement level horizontal overlap resistance
Trading FX & CFDs carries high risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.