#USDCAD approaching pivot, potential for rise!
Description
Price has broken above our pivot level at 1.27025 which is in line with 61.8% Fibonacci retracement levelhorizontal overlap support . We could potentially see a further rise from here towards 1.28231, which coincides with 127.2% Fibonacci extension levelhorizontal swing high resistance. Finally, we can expect price to take support at 1.26452, which coincides with horizontal swing low support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1.27025
Why we like it:
61.8% Fibonacci retracement levelhorizontal overlap support
1st Support:
1.26452
Why we like it:
horizontal swing low support
1st Resistance:
1.28231
Why we like it:
127.2% Fibonacci extension levelhorizontal swing high resistance
Trading FX & CFDs carries high risk.
Price has broken above our pivot level at 1.27025 which is in line with 61.8% Fibonacci retracement levelhorizontal overlap support . We could potentially see a further rise from here towards 1.28231, which coincides with 127.2% Fibonacci extension levelhorizontal swing high resistance. Finally, we can expect price to take support at 1.26452, which coincides with horizontal swing low support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1.27025
Why we like it:
61.8% Fibonacci retracement levelhorizontal overlap support
1st Support:
1.26452
Why we like it:
horizontal swing low support
1st Resistance:
1.28231
Why we like it:
127.2% Fibonacci extension levelhorizontal swing high resistance
Trading FX & CFDs carries high risk.