USDCAD, D1 has reversed from our Pivot, potential for a drop.
Description:
Price has reversed from our Pivot point at 1.27107, which is in line with 61.8%, 78.6% Fibonacci retracement, descending trendline resistance and horizontal graphical overlap. We could potentially see price drop towards our 1st support level at 1.24937, a fibonacci confluence. It is worth noting that price is trending under the descending trendline, in line with our bearish analysis.
Pivot: 1.27107
Why we like it:
61.8%, 78.6% Fibonacci retracement, descending trendline resistance and horizontal graphical overlap
1st Support: 1.24937
Why we like it:
61.8% Fibonacci retracement, 61.8% fibonacci extension and horizontal swing low support.
1st Resistance: 1.28566
Why we like it:
161.8% Fibonacci retracement, 127%, 100% fibonacci extension and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
Price has reversed from our Pivot point at 1.27107, which is in line with 61.8%, 78.6% Fibonacci retracement, descending trendline resistance and horizontal graphical overlap. We could potentially see price drop towards our 1st support level at 1.24937, a fibonacci confluence. It is worth noting that price is trending under the descending trendline, in line with our bearish analysis.
Pivot: 1.27107
Why we like it:
61.8%, 78.6% Fibonacci retracement, descending trendline resistance and horizontal graphical overlap
1st Support: 1.24937
Why we like it:
61.8% Fibonacci retracement, 61.8% fibonacci extension and horizontal swing low support.
1st Resistance: 1.28566
Why we like it:
161.8% Fibonacci retracement, 127%, 100% fibonacci extension and horizontal swing high 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.