USDCAD approaching our Pivot, potential for a bearish breakout

23 Nis 2021

Description:
Price is approaching our Pivot point at 1.24734, which is in line with 61.8% fibonacci retracement and horizontal graphical overlap. We could potentially see price drop here towards our 1st support level at 1.24262, in line with 78.6%, 127% fibonacci retracement, 61.8% fibonacci extension and horizontal swing low support. It is worth noting that price is under the Ichimoku clouds and MACD is below 0, in line with our bearish analysis.


Pivot: 1.24734
Why we like it:
61.8% fibonacci retracement and horizontal graphical overlap

1st Support: 1.24262
Why we like it:
78.6%, 127% fibonacci retracement, 61.8% fibonacci extension and horizontal swing low support

1st Resistance: 1.25091
Why we like it:
78.6% fibonacci retracement and Ichimoku cloud resistance.

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