#USDCAD is at pivot, potential for a drop!
Price is testing our pivot level at 1.25390 which is in line with 50% Fibonacci retracement level and descending trendline resistance. Price could potentially drops towards support at 1.24580 which is in line with 78.6% Fibonacci retracement level and 127.2% Fibonacci extension .
Alternatively, price may swing towards resistance at 1.25800, which coincides with 78.6% Fibonacci retracement level and 78.6% Fibonacci extension level.
Pivot:
1.25390
Why we like it:
50% Fibonacci retracement level and descending trendline resistance
1st Support:
1.24580
78.6% Fibonacci retracement level and 127.2% Fibonacci extension
1st Resistance:
1.25800
8.6% Fibonacci retracement level and 78.6% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price may swing towards resistance at 1.25800, which coincides with 78.6% Fibonacci retracement level and 78.6% Fibonacci extension level.
Pivot:
1.25390
Why we like it:
50% Fibonacci retracement level and descending trendline resistance
1st Support:
1.24580
78.6% Fibonacci retracement level and 127.2% Fibonacci extension
1st Resistance:
1.25800
8.6% Fibonacci retracement level and 78.6% Fibonacci extension level
Trading FX & CFDs carries high risk.
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