USDCAD testing Pivot point. Potential for further rise.
Description:
Price is testing our pivot at 1.27336, where we see a medium-probability bullish scenario for a rise above the pivot towards 1st resistance at 1.27638 as a possible target. Otherwise, should price fail to hold above our pivot, we could see price swing the other way towards our 1st support at 1.27114. It’s worth noting that the price is facing bullish pressure from the Ichimoku cloud, in line with our analysis
Pivot: 1.27336
Supporting Points:
50% Fibonacci retracement, 61.8% Fibonacci extension and horizontal graphical overlap.
1st Support: 1.27114
Supporting Points:
38.2% fibonacci retracement, 78.6% Fibonacci extension and horizontal graphical overlap.
1st Resistance: 1.27638
Supporting Points:
78.6% Fibonacci extension and graphical swing high resistance.
Trading FX & CFDs carries high risk.
Price is testing our pivot at 1.27336, where we see a medium-probability bullish scenario for a rise above the pivot towards 1st resistance at 1.27638 as a possible target. Otherwise, should price fail to hold above our pivot, we could see price swing the other way towards our 1st support at 1.27114. It’s worth noting that the price is facing bullish pressure from the Ichimoku cloud, in line with our analysis
Pivot: 1.27336
Supporting Points:
50% Fibonacci retracement, 61.8% Fibonacci extension and horizontal graphical overlap.
1st Support: 1.27114
Supporting Points:
38.2% fibonacci retracement, 78.6% Fibonacci extension and horizontal graphical overlap.
1st Resistance: 1.27638
Supporting Points:
78.6% Fibonacci extension and graphical swing high resistance.
Trading FX & CFDs carries high risk.