#USDCAD is below pivot, potential for a further downside
Price is reaction below our pivot level at 1.26504 which is in line with 61.8% Fibonacci retracement level and 100% Fibonacci extension level. Price could potentially drops towards support at 1.25683 which is in line with 50% Fibonacci retracement level, 78.6% Fibonacci extension and horizontal pullback support. RSI is also at resistance where previous drops occurred.
Alternatively, price may swing towards resistance at 1.27095, which coincides with 78.6% Fibonacci retracement level and 127.2% Fibonacci extension level.
Pivot:
1.26504
Why we like it:
61.8% Fibonacci retracement level and 100% Fibonacci extension level
1st Support:
1.25683
50% Fibonacci retracement level, 78.6% Fibonacci extension and horizontal pullback support
1st Resistance:
1.27095
78.6% Fibonacci retracement level and 127.2% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price may swing towards resistance at 1.27095, which coincides with 78.6% Fibonacci retracement level and 127.2% Fibonacci extension level.
Pivot:
1.26504
Why we like it:
61.8% Fibonacci retracement level and 100% Fibonacci extension level
1st Support:
1.25683
50% Fibonacci retracement level, 78.6% Fibonacci extension and horizontal pullback support
1st Resistance:
1.27095
78.6% Fibonacci retracement level and 127.2% Fibonacci extension level
Trading FX & CFDs carries high risk.
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