USDCAD, H4 is approaching from our Pivot, potential for a drop.
Description:
Price is approaching our Pivot point at 1.26285, which is in line with 61.8% fibonacci retracement, 161.8% fibonacci extension, descending trendline resistance and horizontal graphical area. We could potentially see price drop here towards our 1st support level at 1.24218, a fibonacci confluence. It is worth noting that price is trending beneath a descending trendline, in line with our bearish analysis.
Pivot: 1.26285
Why we like it:
61.8% fibonacci retracement, 161.8% fibonacci extension, descending trendline resistance and horizontal graphical area
1st Support: 1.24212
Why we like it:
78.6% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical swing low.
1st Resistance: 1.27003
Why we like it:
-27% Fibonacci retracement, 200% fibonacci extension and horizontal graphical swing high.
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point at 1.26285, which is in line with 61.8% fibonacci retracement, 161.8% fibonacci extension, descending trendline resistance and horizontal graphical area. We could potentially see price drop here towards our 1st support level at 1.24218, a fibonacci confluence. It is worth noting that price is trending beneath a descending trendline, in line with our bearish analysis.
Pivot: 1.26285
Why we like it:
61.8% fibonacci retracement, 161.8% fibonacci extension, descending trendline resistance and horizontal graphical area
1st Support: 1.24212
Why we like it:
78.6% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical swing low.
1st Resistance: 1.27003
Why we like it:
-27% Fibonacci retracement, 200% fibonacci extension and horizontal graphical swing high.
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.