Title
USDCAD H4 | Potential Bearish Reversal
Type
Bearish Reversal
Preference:
The price is approaching the pivot level of 1.4083, a pullback resistance close to a 38.2% Fibonacci retracement. A reversal at this level could cause the price to drop to 1st support at 1.3960, an overlap support that aligns with the 50% Fibonacci retracement.
Alternative Scenario:
If the price breaks above the pivot, it may rise to 1st resistance at 1.4103, a swing-high 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.