Title
USDCAD H4 | Bounce off 50% Fibo
Type
Bullish Bounce
Preference:
Price is dropping to our pivot point of 1.35619 which is a pullback support that aligns with a 50% Fibonacci retracement. A bounce from here, price could rally to 1st resistance at 1.36406
Alternative scenario:
However, if price were to break below the pivot, it could drop to 1st support at 1.35099 which is a pullback support level.
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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.