#USDCAD, H4 has bounced from our Pivot, potential for a rise.

14. Juli 2021

Price is approaching pivot level of 1.24456, which is in line with 50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support. A reversal from this level may see price take resistance at price 1.26684. This level coincides with -27.2%Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing high resistance. Finally, we can expect price to take support at 1.2364878.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal swing low support . This is further supported by how price is now holding above the Ichimoku cloud support.

Pivot:
1.24456

Why we like it:
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support

1st Support:
1.23648
78.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal swing low support

1st Resistance:
1.26684
-27.2%Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing high resistance