CANADIAN DOLLAR FUTURES (6C1!), H4 Potential for Bearish Drop
Type : Bearish Momentum
Resistance : 0.77305
Pivot: 0.76450
Support : 0.75615
Preferred Case: On the H4, with price moving below the ichimoku cloud and within the descending channel, we have a bearish bias that price will rise and drop from the pivot at 0.76450 where the overlap resistance, 50% fibonacci retracement and 100% fibonacci projection are to the 1st support at 0.75615 in line with the swing low support.
Alternative scenario: Alternatively, price may break pivot structure and rise to the 1st resistance at 0.77305 where the swing high resistance is.
Fundamentals: As a result of the BoC rate increase of 100bps recently, we have a bullish bias on the Canadian Dollar. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned
Resistance : 0.77305
Pivot: 0.76450
Support : 0.75615
Preferred Case: On the H4, with price moving below the ichimoku cloud and within the descending channel, we have a bearish bias that price will rise and drop from the pivot at 0.76450 where the overlap resistance, 50% fibonacci retracement and 100% fibonacci projection are to the 1st support at 0.75615 in line with the swing low support.
Alternative scenario: Alternatively, price may break pivot structure and rise to the 1st resistance at 0.77305 where the swing high resistance is.
Fundamentals: As a result of the BoC rate increase of 100bps recently, we have a bullish bias on the Canadian Dollar. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned