Title
USDCAD H4 I Falling towards Fibonacci confluence
Type
Bullish bounce
Preference:
The price is falling toward the pivot at 1.3790, an overlap support that aligns with the 38.2% Fibonacci retracement, 138.2% Fibonacci extension, and slightly below the 61.8% Fibonacci projection. A bounce at this level could lead the price toward the 1st resistance at 1.3858, a pullback resistance.
Alternative Scenario:
If the price breaks below the pivot, it could fall toward the 1st support at 1.3731, an overlap 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.