USDCAD H1 | Bullish bounce off 61.8% Fib support
Title
USDCAD H1 | Bullish bounce off 61.8% Fib support
Type
Bullish bounce
Preference
The price is falling towards the pivot at 1.3590, which is a pullback support that aligns with the 61.8% Fibonacci retracement. A bounce from this level could lead the price toward the 1st resistance at 1.3634, an overlap resistance.
Alternative Scenario
If the price breaks below the pivot, it could fall to the 1st support at 1.3555, which is an overlap 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.