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#USDCAD approaching pivot, potential for rise!
Description
Price has broken above our pivot level at 1.26404 which is in line with 38.2% Fibonacci retracement levelhorizontal overlap support . We could potentially see a further rise from here towards 1.27336, which coincides with horizontal swing high resistance. Finally, we can expect price to take support at 1.25953, which coincides with 61.8% Fibonacci retracement levelhorizontal overlap support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1.26404
Why we like it:
38.2% Fibonacci retracement levelhorizontal overlap support
1st Support:
1.25953
Why we like it:
61.8% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
1.27336
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price has broken above our pivot level at 1.26404 which is in line with 38.2% Fibonacci retracement levelhorizontal overlap support . We could potentially see a further rise from here towards 1.27336, which coincides with horizontal swing high resistance. Finally, we can expect price to take support at 1.25953, which coincides with 61.8% Fibonacci retracement levelhorizontal overlap support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1.26404
Why we like it:
38.2% Fibonacci retracement levelhorizontal overlap support
1st Support:
1.25953
Why we like it:
61.8% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
1.27336
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.
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