Title
USDCAD H4 | Bearish reaction off 78.6% fibo
Type
Bearish Reversal
Preference:
Price is approaching our pivot point at 1.3333, and could potentially have a bearish reversal here to the 1st support level at 1.32789. This is supported by the 78.6% fibo projection and 38.2% fibo retracement levels, indicating that there is fibo confluence.
Alternative scenario:
If price breakrs above the pivot, price could head towards the 1st resistance at 1.3405, where there is the 127.2% fibo extension.
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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.