#USDCAD approaching pivot, potential for a reversal!
Price is approaching pivot level of 1.25375 where we have 61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap resistance lining up. A reversal from this level might see price take support at 1.24237, which is in line with 61.8% Fibonacci extension level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 1.26057, which coincides with 50.0% Fibonacci retracement level, 200% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.25375
Why we like it:
61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap resistance
1st Support:
1.24237
61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.26057
50.0% Fibonacci retracement level, 200% Fibonacci extension level & horizontal swing high resistance
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