#USDCAD approaching pivot, potential for a bounce!
Price is approaching pivot level of 1.26217, which is in line with 61.8% Fibonacci retracement level. A reversal from this level may see price take resistance at price 1.27618. This level coincides with horizontal swing high resistance, 61.8% Fibonacci extension level. Finally, we can expect price to take support at 1.2582761.8% Fibonacci retracement levelhorizontal swing low support . This is further supported by how MACD is holding below the 0 line.
Pivot:
1.26217
Why we like it:
61.8% Fibonacci retracement level
1st Support:
1.25827
Why we like it:
61.8% Fibonacci retracement levelhorizontal swing low support
1st Resistance:
1.27618
Why we like it:
horizontal swing high resistance, 61.8% Fibonacci extension level
Trading FX & CFDs carries high risk.
Pivot:
1.26217
Why we like it:
61.8% Fibonacci retracement level
1st Support:
1.25827
Why we like it:
61.8% Fibonacci retracement levelhorizontal swing low support
1st Resistance:
1.27618
Why we like it:
horizontal swing high resistance, 61.8% Fibonacci extension level
Trading FX & CFDs carries high risk.
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