USDCAD, H4 is bouncing from our Pivot, potential for a rise.

Description:
Price is currently testing our Pivot point at 1.24759, which is in line with 61.8%, 100% fibonacci extension and horizontal graphical area. We could potentially see price rise towards our 1st resistance level at 1.25744, a fibonacci confluence. It is worth noting Stochastics is showing bullish pressure where price has previous bounced from the 5% level, in line with our bullish analysis.


Pivot: 1.24759
Why we like it:
61.8%, 100% fibonacci extension and horizontal graphical area

1st Support: 1.24109
Why we like it:
-27%% Fibonacci retracement, 100% and 127% fibonacci extension

1st Resistance: 1.25744
Why we like it:
50%, 88% Fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap.

Trading FX & CFDs carries high risk.