#USDCAD approaching pivot, potential for a reversal!
Description
Price is approaching pivot level of 1.25022 where we have 23.6% Fibonacci retracement level & horizontal overlap resistance lining up. A reversal from this level might see price take support at 1.24227, which is in line with 100% Fibonacci extension level horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 1.25452, which coincides with 50.0% Fibonacci retracement level horizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.25022
Why we like it:
23.6% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1.24227
Why we like it:
100% Fibonacci extension levelhorizontal swing low support
1st Resistance:
1.25452
Why we like it:
50.0% Fibonacci retracement levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 1.25022 where we have 23.6% Fibonacci retracement level & horizontal overlap resistance lining up. A reversal from this level might see price take support at 1.24227, which is in line with 100% Fibonacci extension level horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 1.25452, which coincides with 50.0% Fibonacci retracement level horizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.25022
Why we like it:
23.6% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1.24227
Why we like it:
100% Fibonacci extension levelhorizontal swing low support
1st Resistance:
1.25452
Why we like it:
50.0% Fibonacci retracement levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
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