Title
USDCAD H4 | Bearish reversal off 50% fibo?
Type
Bearish Reversal
Preference:
Price could retest our pivot point at 1.3544, which is a pullback resistance level, aligning with the 50% fibo retracement and 78.6% fibo projection. Price could fall to the 1st support at 1.3487, which is a swing low support level.
Alternative scenario:
If price breaks above the pivot point, then price could rise towards the 1st resistance at 1.3573, which is above the 61.8% fibo 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.