#USDCAD approaching pivot, potential for a bounce!

Description

Price is approaching pivot level of 1.25827, which is in line with 61.8% Fibonacci retracement level, 78.6% Fibonacci retracement level. A reversal from this level may see price take resistance at price 1.27254. This level coincides with 50.0% Fibonacci retracement level. Finally, we can expect price to take support at 1.2494horizontal swing low support . This is further supported by how price is likely to bounce off the Stochastic support level .

Pivot:
1.25827
Why we like it:
61.8% Fibonacci retracement level, 78.6% Fibonacci retracement level

1st Support:
1.24940
Why we like it:
horizontal swing low support

1st Resistance:
1.27254
Why we like it:
50.0% Fibonacci retracement level

Trading FX & CFDs carries high risk.