#USDCAD, H4 is bouncing from our Pivot, potential for a rise.
Price is approaching pivot level of 1.26649, which is in line with 38.2% Fibonacci retracement level, 61.8% Fibonacci retracement level & horizontal overlap support. A reversal from this level may see price take resistance at price 1.28921. This level coincides with -27.2%Fibonacci retracement level, 161.8% Fibonacci extension level. Finally, we can expect price to take support at 1.2506678.6% Fibonacci retracement level & horizontal swing low support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1.26649
Why we like it:
38.2% Fibonacci retracement level, 61.8% Fibonacci retracement level & horizontal overlap support
1st Support:
1.25066
78.6% Fibonacci retracement level & horizontal swing low support
1st Resistance:
1.28921
-27.2%Fibonacci retracement level, 161.8% Fibonacci extension level
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