USDCAD, H4 bounced from our Pivot point, potential for a rise.
Description:
Price is bouncing from our Pivot point at 1.28145, which is in line with 61.8%, 88% Fibonacci extension and horizontal graphical support. We could potentially see price rise towards our 1st resistance level at 1.28726. It is worth noting that price is trending above an ascending trendline and Stochastic is at the 21% level where price has previously reacted from, which is in line with our bullish analysis.
Pivot: 1.28145
Why we like it:
61.8%, 88% Fibonacci extension and horizontal graphical support
1st Support: 1.27944
Why we like it:
61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal graphical overlap.
1st Resistance: 1.28726
Why we like it:
50%, 78.6% Fibonacci retracement and horizontal graphical resistance.
Trading FX & CFDs carries high risk.
Price is bouncing from our Pivot point at 1.28145, which is in line with 61.8%, 88% Fibonacci extension and horizontal graphical support. We could potentially see price rise towards our 1st resistance level at 1.28726. It is worth noting that price is trending above an ascending trendline and Stochastic is at the 21% level where price has previously reacted from, which is in line with our bullish analysis.
Pivot: 1.28145
Why we like it:
61.8%, 88% Fibonacci extension and horizontal graphical support
1st Support: 1.27944
Why we like it:
61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal graphical overlap.
1st Resistance: 1.28726
Why we like it:
50%, 78.6% Fibonacci retracement and horizontal graphical resistance.
Trading FX & CFDs carries high risk.
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