#USDCAD approaching pivot, potential for a drop!
Description
On the H4, with price moving below the ichimoku indicator and respecting the current descending trendline, we have a bearish bias that price is doing a trendline breakout pullback and will drop from our pivot at 1.27688 which is in line with horizontal overlap resistance, 38.2% Fibonacci retracement level to 1st support at 1.26187, which is in line with horizontal swing low support. Alternatively, price may rise up to our 1st resistance at 1.28310, which coincides with horizontal swing high resistance, 61.8% Fibonacci retracement level .
Pivot:
1.27688
Why we like it:
horizontal overlap resistance, 38.2% Fibonacci retracement level
1st Support:
1.26187
Why we like it:
horizontal swing low support
1st Resistance:
1.28310
Why we like it:
horizontal swing high resistance, 61.8% Fibonacci retracement level
Trading FX & CFDs carries high risk.
On the H4, with price moving below the ichimoku indicator and respecting the current descending trendline, we have a bearish bias that price is doing a trendline breakout pullback and will drop from our pivot at 1.27688 which is in line with horizontal overlap resistance, 38.2% Fibonacci retracement level to 1st support at 1.26187, which is in line with horizontal swing low support. Alternatively, price may rise up to our 1st resistance at 1.28310, which coincides with horizontal swing high resistance, 61.8% Fibonacci retracement level .
Pivot:
1.27688
Why we like it:
horizontal overlap resistance, 38.2% Fibonacci retracement level
1st Support:
1.26187
Why we like it:
horizontal swing low support
1st Resistance:
1.28310
Why we like it:
horizontal swing high resistance, 61.8% Fibonacci retracement level
Trading FX & CFDs carries high risk.
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