USDCAD, Reacting below key resistance. Potential for drop.
Description:
Price holding below moving average and Ichimoku cloud, room for further bearish downside is possible. We see a medium probability bearish scenario below our pivot at 1.2882 with 1st support at 1.2822 as a possible target. Otherwise, should price fail to hold below our Pivot, we could see price swing the other way towards our 1st resistance at 1.2907.
Pivot: 1.2882
Supporting Points:
38.2% Fibonacci retracement
1st Support: 1.29074
Supporting Points:
-27% fib retracement, 61.8% fib extension
1st Resistance: 1.2907
Supporting Points:
61.8% Fibonacci retracement
Price holding below moving average and Ichimoku cloud, room for further bearish downside is possible. We see a medium probability bearish scenario below our pivot at 1.2882 with 1st support at 1.2822 as a possible target. Otherwise, should price fail to hold below our Pivot, we could see price swing the other way towards our 1st resistance at 1.2907.
Pivot: 1.2882
Supporting Points:
38.2% Fibonacci retracement
1st Support: 1.29074
Supporting Points:
-27% fib retracement, 61.8% fib extension
1st Resistance: 1.2907
Supporting Points:
61.8% Fibonacci retracement