#USDCAD approaching pivot, potential for rise!
Description
Price has broken above our pivot level at 1.24305 which is in line with 50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support . We could potentially see a further rise from here towards 1.24997, which coincides with 78.6% Fibonacci extension levelhorizontal swing high resistance. Finally, we can expect price to take support at 1.23878, which coincides with 127.2% Fibonacci extension levelhorizontal swing low support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1.24305
Why we like it:
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support
1st Support:
1.23878
Why we like it:
127.2% Fibonacci extension level horizontal swing low support
1st Resistance:
1.24997
Why we like it:
78.6% Fibonacci extension level horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price has broken above our pivot level at 1.24305 which is in line with 50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support . We could potentially see a further rise from here towards 1.24997, which coincides with 78.6% Fibonacci extension levelhorizontal swing high resistance. Finally, we can expect price to take support at 1.23878, which coincides with 127.2% Fibonacci extension levelhorizontal swing low support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1.24305
Why we like it:
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support
1st Support:
1.23878
Why we like it:
127.2% Fibonacci extension level horizontal swing low support
1st Resistance:
1.24997
Why we like it:
78.6% Fibonacci extension level horizontal swing high resistance
Trading FX & CFDs carries high risk.
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