Title
USDCAD H1 | Bullish Bounce Off the 61.8%
Type
Bullish Reversal
Preference:
The price is falling toward the pivot level 1.3856, a pullback support that aligns close to the 61.8% Fibonacci retrtacement. A bounce off this level could lead the price toward the 1st resistance at 1.3926, an overlap resistance that aligns close to the 61.8% Fibonacci retracement.
Alternative Scenario:
If price breaks below the pivot, it could fall toward the 1st support at 1.3827, a swing low support.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.