#USDCAD approaching pivot, potential for rise!
Description
Price is approaching pivot level of 1.27312, which is in line with horizontal overlap support, 38.2% Fibonacci retracement level & 61.8% Fibonacci retracement level. A reversal from this level may see price take resistance at price 1.28369. This level coincides with horizontal swing high resistance. Finally, we can expect price to take support at 1.26456 in line with the horizontal overlap support, 61.8% Fibonacci retracement level . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
1.27312
Why we like it:
horizontal overlap support, 38.2% Fibonacci retracement level & 61.8% Fibonacci retracement level
1st Support:
1.26456
Why we like it:
horizontal overlap support, 61.8% Fibonacci retracement level
1st Resistance:
1.28369
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 1.27312, which is in line with horizontal overlap support, 38.2% Fibonacci retracement level & 61.8% Fibonacci retracement level. A reversal from this level may see price take resistance at price 1.28369. This level coincides with horizontal swing high resistance. Finally, we can expect price to take support at 1.26456 in line with the horizontal overlap support, 61.8% Fibonacci retracement level . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
1.27312
Why we like it:
horizontal overlap support, 38.2% Fibonacci retracement level & 61.8% Fibonacci retracement level
1st Support:
1.26456
Why we like it:
horizontal overlap support, 61.8% Fibonacci retracement level
1st Resistance:
1.28369
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.
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