USDCAD is testing our Pivot, potential for a bearish breakout.
Description:
Price is testing our Pivot point at 1.27340, which is in line with 38.2% Fibonacci retracement, 61.8% Fibonacci extension and horizontal graphical overlap. We could potentially see a bearish breakout towards our 1st support level at 1.26682. It is worth noting that price is trending under a descending trendline, and Stochastics (13,5,3) is showing bearish pressure where price has reversed from the 88% previously.
Pivot: 1.27340
Why we like it:
38.2% Fibonacci retracement, 61.8% Fibonacci extension and horizontal graphical overlap
1st Support: 1.26682
Why we like it:
61.8% Fibonacci extension, 78.6% fibonacci retracement and horizontal swing low support.
1st Resistance: 1.27673
Why we like it:
61.8%, 88% fibonacci extension, descending trendline resistance and horizontal graphical resistance.
Trading FX & CFDs carries high risk.
Price is testing our Pivot point at 1.27340, which is in line with 38.2% Fibonacci retracement, 61.8% Fibonacci extension and horizontal graphical overlap. We could potentially see a bearish breakout towards our 1st support level at 1.26682. It is worth noting that price is trending under a descending trendline, and Stochastics (13,5,3) is showing bearish pressure where price has reversed from the 88% previously.
Pivot: 1.27340
Why we like it:
38.2% Fibonacci retracement, 61.8% Fibonacci extension and horizontal graphical overlap
1st Support: 1.26682
Why we like it:
61.8% Fibonacci extension, 78.6% fibonacci retracement and horizontal swing low support.
1st Resistance: 1.27673
Why we like it:
61.8%, 88% fibonacci extension, descending trendline resistance and horizontal graphical resistance.
Trading FX & CFDs carries high risk.