Title
USDCAD H1 I Overlap Resistance at Fibonacci Confluence Zone
Type
Bearish Reversal
Preference:
The price is rising toward the Pivot level at 1.3680, an overlap resistance that aligns with a confluence Fibonacci retracements. A bearish reversal off this level could lead the price toward the 1st Support at 1.3633, a swing-low support.
Alternative Scenario:
If the price breaks above the Pivot, it could rise toward the 1st Resistance at 1.3706, a pullback 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.