#USDCAD approaching pivot, potential for a drop!
Description :
On the H4, with price moving below the ichimoku cloud, we have a bearish bias that price will drop from our 1st resistance at 1.26939 which is in line with horizontal swing high resistance and 38.2% Fibonacci retracement to 1st support at 1.26234, which is in line with horizontal swing low support and 78.6% Fibonacci retracement. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1.27301, which coincides with horizontal swing high resistance and 61.8% Fibonacci retracement.
Pivot:
1.26939
Why we like it:
Horizontal swing high resistance and 38.2% Fibonacci retracement
1st Support:
1.26234
Why we like it:
Horizontal swing low support and 78.6% fibonacci retracement
1st Resistance:
1.27301
Why we like it:
Horizontal swing high resistance and 61.8% Fibonacci retracement
Trading FX & CFDs carries high risk.
On the H4, with price moving below the ichimoku cloud, we have a bearish bias that price will drop from our 1st resistance at 1.26939 which is in line with horizontal swing high resistance and 38.2% Fibonacci retracement to 1st support at 1.26234, which is in line with horizontal swing low support and 78.6% Fibonacci retracement. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1.27301, which coincides with horizontal swing high resistance and 61.8% Fibonacci retracement.
Pivot:
1.26939
Why we like it:
Horizontal swing high resistance and 38.2% Fibonacci retracement
1st Support:
1.26234
Why we like it:
Horizontal swing low support and 78.6% fibonacci retracement
1st Resistance:
1.27301
Why we like it:
Horizontal swing high resistance and 61.8% Fibonacci retracement
Trading FX & CFDs carries high risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.