Tickmill

CANADIAN DOLLAR FUTURES (6C1!), H4 Potential for Bearish Drop

CME:6C1!   CANADIAN DOLLAR FUTURES (CONTINUOUS: CURRENT CONTRACT IN FRONT)
Type : Bearish Momentum
Resistance : 0.77305
Pivot: 0.76850
Support : 0.76430

Preferred Case: On the H4, with price moving below the ichimoku cloud and along the descending trendline, we have a bearish bias that price will rise and drop from the pivot at 0.76850 in line with the pullback resistance to the 1st support at 0.76430 where the swing low support, -27.2% fibonacci expansion and 78.6% fibonacci projection are.

Alternative scenario: Alternatively, price may break pivot structure and rise to the 1st resistance at 0.77305 where the swing high resistance and 78.6% fibonacci projection are.

Fundamentals: The BoC is expected to increase rates to 2.25%, a 75 bps increase, giving us a bullish bias on the Canadian Dollar .

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