USDCAD approaching our Pivot, potential for a drop.
Description:
Price is approaching our Pivot point at 1.28130, which is in line with 61.8%, 78.6% Fibonacci retracement, 61.8% Fibonacci extension, descending trendline resistance and horizontal graphical overlap. We could potentially see price drop towards our 1st support level at 1.27378. It is worth noting that price is trending under the descending trendline in line with our bearish view.
Pivot: 1.28130
Why we like it:
61.8%, 78.6% Fibonacci retracement, 61.8% Fibonacci extension, descending trendline resistance and horizontal graphical overlap
1st Support: 1.27378
Why we like it:
-27%, -27% fibonacci retracement and horizontal swing low support.
1st Resistance: 1.28795
Why we like it:
127% Fibonacci retracement, 127% fibonacci extension and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point at 1.28130, which is in line with 61.8%, 78.6% Fibonacci retracement, 61.8% Fibonacci extension, descending trendline resistance and horizontal graphical overlap. We could potentially see price drop towards our 1st support level at 1.27378. It is worth noting that price is trending under the descending trendline in line with our bearish view.
Pivot: 1.28130
Why we like it:
61.8%, 78.6% Fibonacci retracement, 61.8% Fibonacci extension, descending trendline resistance and horizontal graphical overlap
1st Support: 1.27378
Why we like it:
-27%, -27% fibonacci retracement and horizontal swing low support.
1st Resistance: 1.28795
Why we like it:
127% Fibonacci retracement, 127% fibonacci extension and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
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