Title
USDCAD H4 | Bearish Drop
Type
Bearish Reversal
Preference:
Price is rising toward the pivot point of 1.3776, a multi-swing high resistance close to the 161.8% Fibonacci extension level. A drop from this level could lead the price to fall to 1st support level at 1.373, which is considered an overlap support level.
Alternative scenario:
If the price breaks above the pivot, it could rise to 1st resistance at 1.3824, lines up with 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.