USDCAD testing Pivot point. Potential for drop.
Description:
Price has approached our pivot at 1.26981, where we see a medium-probability bearish scenario for a drop below pivot towards 1st support at 1.26478 as a possible target. Otherwise, should price fail to hold below our pivot, we could see price swing the other way towards our 1st resistance at 1.27439. It’s worth noting that the price is facing bearish pressure from the moving average in line with our analysis.
Pivot: 1.26981
Supporting Points:
50%, 61.8% Fibonacci retracement, 61.8% Fibonacci extension, moving average resistance and horizontal graphical overlap.
1st Support: 1.26478
Supporting Points:
61.8% fibonacci retracement, 76.4% Fibonacci extension and Horizontal graphical support level.
1st Resistance: 1.27439
Supporting Points:
88% Fibonacci retracement, 88% fibonacci extension and graphical swing high resistance.
Trading FX & CFDs carries high risk.
Price has approached our pivot at 1.26981, where we see a medium-probability bearish scenario for a drop below pivot towards 1st support at 1.26478 as a possible target. Otherwise, should price fail to hold below our pivot, we could see price swing the other way towards our 1st resistance at 1.27439. It’s worth noting that the price is facing bearish pressure from the moving average in line with our analysis.
Pivot: 1.26981
Supporting Points:
50%, 61.8% Fibonacci retracement, 61.8% Fibonacci extension, moving average resistance and horizontal graphical overlap.
1st Support: 1.26478
Supporting Points:
61.8% fibonacci retracement, 76.4% Fibonacci extension and Horizontal graphical support level.
1st Resistance: 1.27439
Supporting Points:
88% Fibonacci retracement, 88% fibonacci extension and graphical swing high resistance.
Trading FX & CFDs carries high risk.