#USDCAD approaching pivot, potential for rise!
Description
Price is approaching pivot level of 1.26226, which is in line with horizontal overlap support, 61.8% Fibonacci retracement level. A reversal from this level may see price take resistance at price 1.27312. This level coincides with horizontal overlap resistance. Finally, we can expect price to take support at 1.25747horizontal overlap support, 78.6% Fibonacci retracement level . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
1.26226
Why we like it:
horizontal overlap support, 61.8% Fibonacci retracement level
1st Support:
1.25747
Why we like it:
horizontal overlap support, 78.6% Fibonacci retracement level
1st Resistance:
1.27312
Why we like it:
horizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 1.26226, which is in line with horizontal overlap support, 61.8% Fibonacci retracement level. A reversal from this level may see price take resistance at price 1.27312. This level coincides with horizontal overlap resistance. Finally, we can expect price to take support at 1.25747horizontal overlap support, 78.6% Fibonacci retracement level . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
1.26226
Why we like it:
horizontal overlap support, 61.8% Fibonacci retracement level
1st Support:
1.25747
Why we like it:
horizontal overlap support, 78.6% Fibonacci retracement level
1st Resistance:
1.27312
Why we like it:
horizontal overlap resistance
Trading FX & CFDs carries high risk.
Disclaimer
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