USDCAD reversed from Pivot point. Potential for drop.
Description:
Price has reversed from pivot at 1.26396, where we see a medium-probability bearish scenario for a drop beneath the pivot towards 1st support at 1.25883 as a possible target. Otherwise, should price fail to hold under our pivot, we could see price swing the other way towards our 1st resistance at 1.26695. It’s worth noting that the price is facing bearish pressure from the moving average in line with our analysis.
Pivot: 1.26396
Supporting Points:
61.8% Fibonacci retracement, 61.8%, 78.6% Fibonacci extension and horizontal graphical overlap.
1st Support: 1.25883
Supporting Points:
-27%, -61.8% fibonacci retracement and 100% Fibonacci extension
1st Resistance: 1.26695
Supporting Points:
127%, 61.8% Fibonacci retracement, 127% fibonacci extension and graphical overlap resistance.
Trading FX & CFDs carries high risk.
Price has reversed from pivot at 1.26396, where we see a medium-probability bearish scenario for a drop beneath the pivot towards 1st support at 1.25883 as a possible target. Otherwise, should price fail to hold under our pivot, we could see price swing the other way towards our 1st resistance at 1.26695. It’s worth noting that the price is facing bearish pressure from the moving average in line with our analysis.
Pivot: 1.26396
Supporting Points:
61.8% Fibonacci retracement, 61.8%, 78.6% Fibonacci extension and horizontal graphical overlap.
1st Support: 1.25883
Supporting Points:
-27%, -61.8% fibonacci retracement and 100% Fibonacci extension
1st Resistance: 1.26695
Supporting Points:
127%, 61.8% Fibonacci retracement, 127% fibonacci extension and graphical overlap resistance.
Trading FX & CFDs carries high risk.