Title
USDCAD H1 | Bullish bounce off 38.8% Fibonacci support
Type
Bullish bounce
Preference:
The price is falling toward the pivot at 1.4068, a pullback support level that aligns with the 38.2% Fibonacci retracement. A bounce from this level could lead the price toward the 1st resistance at 1.4126, a multi-swing high resistance.
Alternative Scenario:
If the price breaks below the pivot, it could fall toward the 1st support at 1.4044, a pullback support that is slightly below the 50% Fibonacci 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.