USDCAD bouncing from Pivot point. Potential for rise.
Description:
Price has approached our pivot at 1.27457, where we see a medium-probability bullish scenario for a rise above pivot towards 1st resistance at 1.27813 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 1.27077. It’s worth noting that the price is facing bullish pressure from the moving average and ascending trendline support, in line with our analysis.
Pivot: 1.27457
Supporting Points:
38.2% Fibonacci retracement, 78.6% Fibonacci extension, moving average support and horizontal graphical overlap.
1st Support: 1.27077
Supporting Points:
23.6%, 78.6% fibonacci retracement and Horizontal graphical support level.
1st Resistance: 1.27813
Supporting Points:
-27% Fibonacci retracement, 61.8% fibonacci extension and graphical swing high resistance.
Trading FX & CFDs carries high risk.
Price has approached our pivot at 1.27457, where we see a medium-probability bullish scenario for a rise above pivot towards 1st resistance at 1.27813 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 1.27077. It’s worth noting that the price is facing bullish pressure from the moving average and ascending trendline support, in line with our analysis.
Pivot: 1.27457
Supporting Points:
38.2% Fibonacci retracement, 78.6% Fibonacci extension, moving average support and horizontal graphical overlap.
1st Support: 1.27077
Supporting Points:
23.6%, 78.6% fibonacci retracement and Horizontal graphical support level.
1st Resistance: 1.27813
Supporting Points:
-27% Fibonacci retracement, 61.8% fibonacci extension and graphical swing high resistance.
Trading FX & CFDs carries high risk.