CANADIAN DOLLAR FUTURES (6C1!), H4 Potential for Bullish Rise
Type : Bullish Rise
Resistance : 0.77970
Pivot: 0.77300
Support : 0.76465
Preferred Case: On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise from the pivot at 0.77300 where the overlap support is to the 1st resistance at 0.77970 where the swing high resistance is.
Alternative scenario: Alternatively, price could break pivot structure and drop to the 1st support at 0.76465 where the overlap support, 61.8% fibonacci retracement and 78.6% fibonacci projection are.
Fundamentals: Stronger than anticipated Canadian sales data on Friday helped to balance out the DXY's volatility , allowing USDCAD to trade in consolidation below 1.29. The USDCAD is projected to trade lower because to the recent drop in energy prices and the weakening in the DXY . This gives us a weak bullish view of the Canadian Dollar .
Resistance : 0.77970
Pivot: 0.77300
Support : 0.76465
Preferred Case: On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise from the pivot at 0.77300 where the overlap support is to the 1st resistance at 0.77970 where the swing high resistance is.
Alternative scenario: Alternatively, price could break pivot structure and drop to the 1st support at 0.76465 where the overlap support, 61.8% fibonacci retracement and 78.6% fibonacci projection are.
Fundamentals: Stronger than anticipated Canadian sales data on Friday helped to balance out the DXY's volatility , allowing USDCAD to trade in consolidation below 1.29. The USDCAD is projected to trade lower because to the recent drop in energy prices and the weakening in the DXY . This gives us a weak bullish view of the Canadian Dollar .
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results