#USDCAD, H4 has broken beneath our Pivot, potential for a drop.
Description:
Price has broken beneath our Pivot point at 1.23000, which is in line with 61.8% fibonacci retracement and 100% fibonacci extension. We could potentially see price drop here towards our 1st support level at 1.22242, in line with -27% fibonacci retracement and 61.8% fibonacci extension. It is worth noting that price is under the descending trendline, in line with our bearish analysis.
Pivot: 1.23000
Why we like it:
61.8% fibonacci retracement and 100% fibonacci extension
1st Support: 1.22242
Why we like it:
-27% fibonacci retracement and 61.8% fibonacci extension
1st Resistance: 1.23423
Why we like it:
50%, 127% fibonacci retracement and descending trendline resistance.
Trading FX & CFDs carries high risk.
