USDCAD H4 | Bearish reversal moff 78.6% FIbonacci resistance
Title:
USDCAD H4 | Bearish reversal moff 78.6% FIbonacci resistance
Type:
Bearish reversal
Preference:
The price has rejected off the pivot at 1.3817, a pullback resistance that aligns with the 78.6% FIbonacci retracement. A drop at this level could lead the price toward the 1st suport at 1.3737, an overlap support that aligns with the 38.2% Fibonacci retracement.
Alternative Scenario:
If the price breaks above the pivot, it could rise toward the 1st resistance at 1.3867, a pullback resistance.
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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.