#USDCAD approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 1.24971 which is in line with 127.2% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal swing high resistance. Price can potentially take support at 1.24124, which is in line with 78.6% Fibonacci retracement levelhorizontal swing low support. Alternatively, price may rise up to our resistance at 1.25582, which coincides with 78.6% Fibonacci retracement levelhorizontal overlap resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.24971
Why we like it:
127.2% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal swing high resistance
1st Support:
1.24124
Why we like it:
78.6% Fibonacci retracement levelhorizontal swing low support
1st Resistance:
1.25582
Why we like it:
78.6% Fibonacci retracement levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 1.24971 which is in line with 127.2% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal swing high resistance. Price can potentially take support at 1.24124, which is in line with 78.6% Fibonacci retracement levelhorizontal swing low support. Alternatively, price may rise up to our resistance at 1.25582, which coincides with 78.6% Fibonacci retracement levelhorizontal overlap resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.24971
Why we like it:
127.2% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal swing high resistance
1st Support:
1.24124
Why we like it:
78.6% Fibonacci retracement levelhorizontal swing low support
1st Resistance:
1.25582
Why we like it:
78.6% Fibonacci retracement levelhorizontal 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.