USDCAD showed a bullish breakout, potential for a rise
Description:
Price has shown a bullish breakout from our Pivot point at 1.26917, which is in line with 38.2%, 61.8% Fibonacci retracement, 78.6% Fibonacci extension and descending trendline support. We could potentially see price retest the broken trendline and rise towards our 1st resistance level at 1.27673. It is worth noting that price is trending within a bullish channel, in line with our bullish view.
Pivot: 1.26917
Why we like it:
38.2%, 61.8% Fibonacci retracement, 78.6% Fibonacci extension and descending trendline support.
1st Support: 1.26490
Why we like it:
61.8%, 127% Fibonacci extension, -27% fibonacci retracement and horizontal swing low support.
1st Resistance: 1.27673
Why we like it:
78.6%, -27% Fibonacci retracement, 100% fibonacci extension and horizontal graphical resistance.
Trading FX & CFDs carries high risk.
Price has shown a bullish breakout from our Pivot point at 1.26917, which is in line with 38.2%, 61.8% Fibonacci retracement, 78.6% Fibonacci extension and descending trendline support. We could potentially see price retest the broken trendline and rise towards our 1st resistance level at 1.27673. It is worth noting that price is trending within a bullish channel, in line with our bullish view.
Pivot: 1.26917
Why we like it:
38.2%, 61.8% Fibonacci retracement, 78.6% Fibonacci extension and descending trendline support.
1st Support: 1.26490
Why we like it:
61.8%, 127% Fibonacci extension, -27% fibonacci retracement and horizontal swing low support.
1st Resistance: 1.27673
Why we like it:
78.6%, -27% Fibonacci retracement, 100% fibonacci extension and horizontal graphical resistance.
Trading FX & CFDs carries high risk.
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