#USDCAD approaching our Pivot, potential for a drop.
Price is approaching pivot point at 1.24444 which is in line with 50.0% Fibonacci retracement level, 61.8% Fibonacci extension levelhorizontal overlap support. A break and close below this level could see a price swing towards 1st support at 1.23661.This level is in line with 100% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 1.24997, which coincides with 38.2% Fibonacci retracement level & horizontal swing high resistance . This is further supported by
Pivot:
1.24444
Why we like it:
50.0% Fibonacci retracement level, 61.8% Fibonacci extension levelhorizontal overlap support
1st Support:
1.23661
100% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal swing low support
1st Resistance:
1.24997
38.2% Fibonacci retracement level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
1.24444
Why we like it:
50.0% Fibonacci retracement level, 61.8% Fibonacci extension levelhorizontal overlap support
1st Support:
1.23661
100% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal swing low support
1st Resistance:
1.24997
38.2% Fibonacci retracement level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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