USDCAD, Reacting below key resistance. Potential for drop.
Description:
Price holding below moving average and with MACD indicator below 0, room for further bearish downside is possible. We see a medium probability bearish scenario below our pivot at 1.29413 with 1st support at 1.29074 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 1.29586
Pivot: 1.29497
Supporting Points:
61.8% Fibonacci retracement, 78.6% Fibonacci extension, Moving average resistance
1st Support: 1.29074
Supporting Points:
Graphical swing low
1st Resistance: 1.29814
Supporting Points:
127.2%% Fibonacci extension
Trading FX & CFDs carries high risk.
Price holding below moving average and with MACD indicator below 0, room for further bearish downside is possible. We see a medium probability bearish scenario below our pivot at 1.29413 with 1st support at 1.29074 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 1.29586
Pivot: 1.29497
Supporting Points:
61.8% Fibonacci retracement, 78.6% Fibonacci extension, Moving average resistance
1st Support: 1.29074
Supporting Points:
Graphical swing low
1st Resistance: 1.29814
Supporting Points:
127.2%% Fibonacci extension
Trading FX & CFDs carries high risk.