#USDCAD approaching pivot, potential for drop!
On the H4, with price moving below the ichimoku cloud, we have a bearish bias that price will drop to 1st support at 1.24161 which is in line with horizontal swing low support and 78.6% Fibonacci retracement from our pivot at 1.25677, which is in line with horizontal swing high resistance and 50% Fibonacci retracement level. Alternatively, price may break pivot structure and head for 1st resistance at 1.26217, which coincides with horizontal swing high resistance, 50% and 78.6% Fibonacci retracement.
Pivot:
1.26217
Why we like it:
50.0% Fibonacci retracement level, 88% Fibonacci retracement level
1st Support:
0.70958
horizontal swing low support, 61.8% Fibonacci extension level
1st Resistance:
0.72732
50.0% Fibonacci retracement levelhorizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
1.26217
Why we like it:
50.0% Fibonacci retracement level, 88% Fibonacci retracement level
1st Support:
0.70958
horizontal swing low support, 61.8% Fibonacci extension level
1st Resistance:
0.72732
50.0% Fibonacci retracement levelhorizontal swing high resistance
Trading FX & CFDs carries high risk.
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