#USDCAD approaching pivot, potential for a reversal!
Price is approaching pivot level of 1.25169 where we have 23.6% Fibonacci retracement levelhorizontal overlap resistance lining up. A reversal from this level might see price take support at 1.24226, which is in line with horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 1.25512, which coincides with 61.8% Fibonacci retracement levelhorizontal swing high resistance . This is further supported by how price is holding below the EMA
Pivot:
1.25169
Why we like it:
23.6% Fibonacci retracement levelhorizontal overlap resistance
1st Support:
1.24226
Why we like it:
horizontal swing low support
1st Resistance:
1.25512
Why we like it:
61.8% Fibonacci retracement levelhorizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
1.25169
Why we like it:
23.6% Fibonacci retracement levelhorizontal overlap resistance
1st Support:
1.24226
Why we like it:
horizontal swing low support
1st Resistance:
1.25512
Why we like it:
61.8% Fibonacci retracement levelhorizontal swing high resistance
Trading FX & CFDs carries high risk.
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