#USDCAD is above our Pivot, potential for upside

Description

Price has broken above our pivot level at 1.24981 which is in line with 100% Fibonacci extension levelhorizontal overlap support . We could potentially see a further rise from here towards 1.26225, which coincides with 161.8% Fibonacci retracement level, 100% Fibonacci extension level. Finally, we can expect price to take support at 1.24404, which coincides with 38.2% Fibonacci retracement level, 61.8% Fibonacci extension levelhorizontal overlap support . This is further supported by how MACD is holding above the 0 line.

Pivot:
1.24981

Why we like it:
100% Fibonacci extension levelhorizontal overlap support

1st Support:
1.24404
38.2% Fibonacci retracement level, 61.8% Fibonacci extension levelhorizontal overlap support

1st Resistance:
1.26225
161.8% Fibonacci retracement level, 100% Fibonacci extension level
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