USDCAD H4 | Bullish bounce off 78.6% Fib support
Title:
USDCAD H4 | Bullish bounce off 78.6% Fib support
Type:
Bullish bounce
Preference:
The price is falling towards the pivot at 1.3626, an overlap support that lines up with the 78.6% Fibonacci retracement. A bounce from this level could lead the price toward the 1st resistance at 1.3734, an overlap resistance.
Alternative Scenario:
If the price breaks below the pivot, it could fall toward the 1st support at 1.3552, which acts as 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.