Title
USDCAD H1 | Potential bullish reversal
Type
Bullish bounce
Preference:
The price is reacting off the pivot at 1.3765, a pullback support that aligns with the 50% FIbonacci retracement. A bounce from this level could lead the price toward the 1st resistance at 1.3806, a pullback resistance that is slightly above the 50% Fibonacci retracement.
Alternative Scenario:
If the price breaks below the pivot, it could fall toward the 1st support at 1.3752, a pullback support that lines up with the 61.8% 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.