#USDCAD approaching pivot, potential for a reversal!
Description
Price is approaching pivot level of 1.2642 where we have 38.2% Fibonacci extension level & horizontal pullback resistance lining up. A reversal from this level might see price take support at 1.26667, which is in line with 50.0% Fibonacci extension level. Finally, price is unlikely to surpass our strong resistance at 1.25576, which coincides with 127.2% Fibonacci retracement levelhorizontal swing low support . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.26420
Why we like it:
38.2% Fibonacci extension level & horizontal pullback resistance
1st Support:
1.26667
Why we like it:
50.0% Fibonacci extension level
1st Resistance:
1.25576
Why we like it:
127.2% Fibonacci retracement levelhorizontal swing low support
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 1.2642 where we have 38.2% Fibonacci extension level & horizontal pullback resistance lining up. A reversal from this level might see price take support at 1.26667, which is in line with 50.0% Fibonacci extension level. Finally, price is unlikely to surpass our strong resistance at 1.25576, which coincides with 127.2% Fibonacci retracement levelhorizontal swing low support . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.26420
Why we like it:
38.2% Fibonacci extension level & horizontal pullback resistance
1st Support:
1.26667
Why we like it:
50.0% Fibonacci extension level
1st Resistance:
1.25576
Why we like it:
127.2% Fibonacci retracement levelhorizontal swing low support
Trading FX & CFDs carries high risk.
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