Title
USDCAD H4 | Approaching overlap support
Type
Bullish Bounce
Preference:
Price is falling towards the pivot point of 1.34876 which is an overlap support level and could potentially reverse from here; we could see momentum carry price up to its 1st resistance at 1.35716 which is a pullback resistance that aligns with the 38.2% Fibonacci retracement level.
Alternative scenario:
If price breaks below the pivot point, it could hit the 1st support at 1.34308 which is a support that aligns with the 127.2% Fibonacci extension level.
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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.