Title
USDCAD H4 | Potential Bullish Reversal
Type
Bullish Bounce
Preference:
Price is currently at our pivot at 1.35667 which is an overlap support along with 50% Fibo retracement. If price were to reverse, it could push up to 1st resistance at 1.36822 which is a swing high resistance along with 50% Fibo retracement.
Alternative scenario:
On the other hand, if price breaks below the pivot, it could drop to 1st support at 1.34438 which is a multiple 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.