Title
USDCAD H4 I Bullish Bounce Off the 161.8% Fibo
Type
Bearish Reversal
Preference:
The price is falling toward the pivot level at 1.3614, a pullback support that aligns close to the 161.8% Fibonacci extension. A bounce off this level could lead the price toward the 1st resistance at 1.3787, a pullback resistance.
Alternative Scenario:
If price breaks below the pivot, it could fall toward the 1st support at 1.3429, a swing low support.
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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.