USDCAD, H4 bounced from our Pivot point, potential for a rise.

Description:
Price is bouncing from our Pivot point at 1.28331, which is in line with 50% Fibonacci retracement, 88% Fibonacci extension and horizontal graphical overlap. We could potentially see price rise towards our 1st resistance level at 1.28829. It is worth noting that price is trending above the Ichimoku cloud and EMA (55), which are showing bullish pressure in line with our analysis.


Pivot: 1.28331
Why we like it:
50% Fibonacci retracement, 88% Fibonacci extension and horizontal graphical overlap

1st Support: 1.27925
Why we like it:
-27%, 61.8% Fibonacci retracement and horizontal graphical support area.

1st Resistance: 1.28829
Why we like it:
50% Fibonacci retracement and horizontal graphical overlap.

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