#USDCAD, H4 approaching pivot, potential for bearish reversal
Description
Price is reacting below key pivot level of 1.24892 where we have 78.6% Fibonacci extension level & horizontal swing high resistance lining up. A drop below this level might see price take support at 1.22524, which is in line with 50.0% Fibonacci retracement level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 1.2654, which coincides with 161.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.24892
Why we like it:
78.6% Fibonacci extension level & horizontal swing high resistance
1st Support:
1.22524
50.0% Fibonacci retracement level & horizontal swing low support
1st Resistance:
1.26540
161.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting below key pivot level of 1.24892 where we have 78.6% Fibonacci extension level & horizontal swing high resistance lining up. A drop below this level might see price take support at 1.22524, which is in line with 50.0% Fibonacci retracement level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 1.2654, which coincides with 161.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.24892
Why we like it:
78.6% Fibonacci extension level & horizontal swing high resistance
1st Support:
1.22524
50.0% Fibonacci retracement level & horizontal swing low support
1st Resistance:
1.26540
161.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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