#USDCAD, H4 is bouncing from our Pivot, potential for a rise.
Description:
Price is above our Pivot point at 1.20706, which is in line with 78.6%, 78.6% fibonacci retracement, ascending trendline and horizontal swing low support. We could potentially see a price rise from here towards our 1st resistance level at 1.21331, in line with horizontal swing high resistance. It is worth noting that the price is above the ascending trendline support, in line with our bullish analysis.
Pivot: 1.20706
Why we like it:
78.6%, 78.6% fibonacci retracement, ascending trendline and horizontal swing low support
1st Support: 1.20396
Why we like it:
127% fibonacci retracement and horizontal swing low support
1st Resistance: 1.21331
Why we like it:
Horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is above our Pivot point at 1.20706, which is in line with 78.6%, 78.6% fibonacci retracement, ascending trendline and horizontal swing low support. We could potentially see a price rise from here towards our 1st resistance level at 1.21331, in line with horizontal swing high resistance. It is worth noting that the price is above the ascending trendline support, in line with our bullish analysis.
Pivot: 1.20706
Why we like it:
78.6%, 78.6% fibonacci retracement, ascending trendline and horizontal swing low support
1st Support: 1.20396
Why we like it:
127% fibonacci retracement and horizontal swing low support
1st Resistance: 1.21331
Why we like it:
Horizontal swing high resistance
Trading FX & CFDs carries high risk.
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