#USDCAD Potential bullish bounce
Description
Price is approaching pivot level of 1.25105, which is in line with 127.2% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap support. A reversal from this level may see price take resistance at price 1.25979. This level coincides with horizontal swing high resistance. Finally, we can expect price to take support at 1.24761.8% Fibonacci retracement levelhorizontal overlap support . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.25105
Why we like it:
127.2% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap support
1st Support:
1.24700
Why we like it:
61.8% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
1.25979
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 1.25105, which is in line with 127.2% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap support. A reversal from this level may see price take resistance at price 1.25979. This level coincides with horizontal swing high resistance. Finally, we can expect price to take support at 1.24761.8% Fibonacci retracement levelhorizontal overlap support . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.25105
Why we like it:
127.2% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap support
1st Support:
1.24700
Why we like it:
61.8% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
1.25979
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.
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