USDCAD bounced from Pivot point. Potential for rise.
Description:
Price has bounced from pivot at 1.26800, where we see a medium-probability bullish scenario for a rise above the pivot towards 1st resistance at 1.27012 as a possible target. Otherwise, should price fail to hold above our pivot, we could see price swing the other way towards our 1st support at 1.26608. It’s worth noting that the price is facing bullish pressure from the moving average in line with our analysis.
Pivot: 1.26800
Supporting Points:
23.6% Fibonacci retracement, 50%, 88% Fibonacci extension and horizontal graphical overlap.
1st Support: 1.26608
Supporting Points:
38.2% fibonacci retracement and 61.8% Fibonacci extension
1st Resistance: 1.27012
Supporting Points:
127%, 61.8% Fibonacci retracement, 127% fibonacci extension and graphical overlap resistance.
Trading FX & CFDs carries high risk.
Price has bounced from pivot at 1.26800, where we see a medium-probability bullish scenario for a rise above the pivot towards 1st resistance at 1.27012 as a possible target. Otherwise, should price fail to hold above our pivot, we could see price swing the other way towards our 1st support at 1.26608. It’s worth noting that the price is facing bullish pressure from the moving average in line with our analysis.
Pivot: 1.26800
Supporting Points:
23.6% Fibonacci retracement, 50%, 88% Fibonacci extension and horizontal graphical overlap.
1st Support: 1.26608
Supporting Points:
38.2% fibonacci retracement and 61.8% Fibonacci extension
1st Resistance: 1.27012
Supporting Points:
127%, 61.8% Fibonacci retracement, 127% fibonacci extension and graphical overlap resistance.
Trading FX & CFDs carries high risk.