CANADIAN DOLLAR FUTURES (6C1!), H1 Potential for Bearish DropType : Bearish Momentum
Resistance : 0.77520
Pivot: 0.77025
Support : 0.76450
Preferred Case: On the H1, price is moving below the ichimoku cloud which supports our bearish bias that price will drop from our pivot at 0.77025 in line with the overlap resistance, 23.6% fibonacci retracement, 78.6% fibonacci projection and 50% fibonacci retracement to the 1st support at 0.76450 in line with the swing low support.
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 0.77520 in line with the overlap resistance and 78.6% fibonacci retracement .
Fundamentals: There is an expectation of a rate hike of 75bps from the BoC in July and the markets might be starting to price in the policy adjustment which gives us a weak bullish bias.
