USDCAD is approaching our Pivot point, potential for a bounce!

Description:
Price is approaching our Pivot point at 1.28548, which is in line with 38.2%, 23.8% Fibonacci retracement and 100% Fibonacci extension. We could potentially see price rise towards our 1st resistance level at 1.29333. 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: 1.28548
Why we like it:
38.2%, 23.8% Fibonacci retracement and 100% Fibonacci extension

1st Support: 1.26881
Why we like it:
127% Fibonacci extension, 50% Fibonacci retracement and horizontal graphical support area.

1st Resistance: 1.29333
Why we like it:
78.6% Fibonacci retracement, 61.8% Fibonacci extension and horizontal graphical overlap resistance.

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