Title
USDCAD H1 | Bearish reversal
Type
Bearish Reversal
Preference:
Price is rising toward the pivot point of 1.3666, an overlap resistance close to 38.2% Fibo retracement. A reverse from this level could lead the price to fall to 1st support at 1.3628, a pullback support level
Alternative scenario:
If price breaks above the pivot, it could rise to 1st resistance at 1.3694, a pullback resistance close to 61.8% Fibo retracement
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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.