USDCAD bounced from our Pivot, potential for a rise.

Description:
Price is approaching our Pivot point at 1.26901, which is in line with 50%, 23.6% Fibonacci retracement, 78.6% Fibonacci extension and horizontal graphical overlap. We could potentially see price rise towards our 1st resistance level at 1.27460. It is worth noting that price may return to the descending trendline, in line with our short-term bullish view.


Pivot: 1.26901
Why we like it:
50%, 23.6% Fibonacci retracement, 78.6% Fibonacci extension and horizontal graphical overlap

1st Support: 1.26517
Why we like it:
-27% Fibonacci retracement, 61.8% fibonacci extension and horizontal swing low support.

1st Resistance: 1.27460
Why we like it:
88% Fibonacci retracement, 127% Fibonacci extension and horizontal swing high resistance.

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