Title
USDCAD H4 | Bounce Off the 50% Fibo?
Type
Bullish Reversal
Preference:
The price is falling toward the pivot level at 1.4204 which aligns with the 50% Fibonacci retracement level and a pullback support. A bounce from this level could cause the price to rise toward 1st resistance at 1.4260, a pullback resistance that aligns with 50% Fibonacci retracement.
Alternative Scenario:
If the price breaks below the pivot level, it may fall toward the 1st support at 1.4159, a swing low 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.