USDCAD approaching Pivot point. Potential for reversal.
Description:
Price is approaching our pivot at 1.26682, where we see a medium-probability bearish scenario for a drop below the pivot towards 1st support at 1.26249 as a possible target. Otherwise, should price fail to hold above our pivot, we could see price swing the other way towards our 1st resistance at 1.27044. It’s worth noting that the price is facing bearish pressure from the Ichimoku cloud and descending trendline resistance as well.
Pivot: 1.26682
Supporting Points:
23.6%, 61.8% Fibonacci retracement, 127.2% Fibonacci extension and graphical pullback resistance
1st Support: 1.26249
Supporting Points:
127.2% Fibonacci extension and graphical swing low support
1st Resistance: 1.27044
Supporting Points:
38.2% Fibonacci retracement and graphical swing high resistance
Trading FX & CFDs carries high risk.
Price is approaching our pivot at 1.26682, where we see a medium-probability bearish scenario for a drop below the pivot towards 1st support at 1.26249 as a possible target. Otherwise, should price fail to hold above our pivot, we could see price swing the other way towards our 1st resistance at 1.27044. It’s worth noting that the price is facing bearish pressure from the Ichimoku cloud and descending trendline resistance as well.
Pivot: 1.26682
Supporting Points:
23.6%, 61.8% Fibonacci retracement, 127.2% Fibonacci extension and graphical pullback resistance
1st Support: 1.26249
Supporting Points:
127.2% Fibonacci extension and graphical swing low support
1st Resistance: 1.27044
Supporting Points:
38.2% Fibonacci retracement and graphical swing high resistance
Trading FX & CFDs carries high risk.