Title
USDCAD H4 | Bearish Continuation
Type
Bearish Reversal
Preference:
The price is trading below the pivot level at 1.43744, a pullback resistance that aligns with the 50% Fibonacci retracement, signaling potential bearish momentum. A continuation of this move could drive the price towards the 1st support at 1.4269, a strong overlap support area.
Alternative Scenario:
If the price breaks above the pivot level, it may rise towards the 1st resistance at 1.4456, a key swing-high resistance.
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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.