#USDCAD approaching pivot, potential for a bounce!

Price is approaching pivot level of 1.25809, which is in line with 78.6% Fibonacci retracement levelhorizontal overlap support. A reversal from this level may see price take resistance at price 1.27216. This level coincides with 38.2% Fibonacci retracement levelhorizontal swing high resistance. Finally, we can expect price to take support at 1.249horizontal swing low support-27.2% Fibonacci retracement level . This is further supported by how price is likely to bounce off the Stochastic support level .

Pivot:
1.25809
Why we like it:
78.6% Fibonacci retracement level horizontal overlap support

1st Support:
1.24900
Why we like it:
horizontal swing low support-27.2% Fibonacci retracement level

1st Resistance:
1.27216
Why we like it:
38.2% Fibonacci retracement level horizontal swing high resistance

Trading FX & CFDs carries high risk.