Title
USDCAD H4 I Bearish Reversal Off Pivot
Type
Bearish Reversal
Preference:
The price is rising toward the pivot level at 1.3791 and could potentially face rejection at this key resistance zone. If the pivot holds as resistance, we expect bearish momentum to drive price toward the 1st support at 1.3693, a multi-swing low support.
Alternative Scenario:
If price breaks above the pivot, it could signal bullish momentum and potentially rise toward the 1st resistance at 1.3893, a pullback resistance and 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.