#USDCAD, H4 is approaching our Pivot, potential for a bounce.
Price is approaching pivot level of 1.2531, which is in line with 78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support. A reversal from this level may see price take resistance at price 1.26539. This level coincides with -27.2%Fibonacci retracement level, 78.6% Fibonacci extension level. Finally, we can expect price to take support at 1.2474278.6% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing low support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1.25310
Why we like it:
78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support
1st Support:
1.24742
78.6% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.26539
-27.2%Fibonacci retracement level, 78.6% Fibonacci extension level
Trading FX & CFDs carries high risk.
Pivot:
1.25310
Why we like it:
78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support
1st Support:
1.24742
78.6% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.26539
-27.2%Fibonacci retracement level, 78.6% Fibonacci extension level
Trading FX & CFDs carries high risk.
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