Tickmill

CANADIAN DOLLAR FUTURES (6C1!), H1 Potential for Bearish Drop

CME:6C1!   CANADIAN DOLLAR FUTURES (CONTINUOUS: CURRENT CONTRACT IN FRONT)
Type : Bearish Momentum
Resistance : 0.77755
Pivot: 0.77410
Support : 0.76840

Preferred Case: On the H1, with price moving below the ichimoku cloud and along a descending trendline , we have a bearish bias that price will drop from the pivot at 0.77410 in line with the overlap resistance and 23.6% fibonacci retracement to the 1st support at 0.76840 where the swing low support and -61.8% fibonacci expansion are.

Alternative scenario: Alternatively, price may break pivot structure and head to the 1st resistance at 0.77755 where the swing high resistance, 100% fibonacci projection , 78.6% fibonacci projection and 61.8% fibonacci retracement are.

Fundamentals: Recent Canadian Dollar strength had been slightly reversed with Canadian GDP month-on-month being released at 0.3% (Previous: 0.7%) indicating a slow down in economic activity and growth, giving us a medium bearish view on the Canadian Dollar .

This analysis is provided as general market commentary and does not constitute investment advice.
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