Title
USDCAD H1 | Overlap Support at 61.8% Fibonacci Retracement
Type
Bullish Bounce
Preference:
The price is falling toward the pivot level at 1.4311, an overlap support that aligns with a 61.8% Fibonacci retracement. A bullish bounce off this level could lead the price toward the 1st Resistance at 1.4385, a swing-high resistance.
Alternative Scenario:
If price breaks below the pivot, it could fall toward the 1st Support at 1.4274, a multi-swing-low 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.