#USDCAD approaching pivot, potential for a reversal!

Description

Price is approaching pivot level of 1.25587 where we have 50.0% Fibonacci retracement level & horizontal overlap resistance lining up. A reversal from this level might see price take support at 1.24234, which is in line with 78.6% Fibonacci retracement level, 88.6% Fibonacci extension level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 1.26736, which coincides with 61.8% Fibonacci retracement level, 61.8% Fibonacci extension level . This is further supported by how price is now holding below the Ichimoku cloud resistance.

Pivot:
1.25587

Why we like it:
50.0% Fibonacci retracement level & horizontal overlap resistance

1st Support:
1.24234
78.6% Fibonacci retracement level, 88.6% Fibonacci extension level & horizontal swing low support

1st Resistance:
1.26736
61.8% Fibonacci retracement level, 61.8% Fibonacci extension level
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