Title
USDCAD H4 I Bullish bounce off overlap support
Type
Bullish bounce
Preference:
The price is falling towards the pivot at 1.3728, which is an overlap support that is slightly below the 78.6% Fibonacci projection. A bounce from this level could lead the price toward the 1st resistance at 1.3791, a pullback resistance.
Alternative Scenario:
If the price breaks below the pivot, it could fall to the 1st support at 1.3682, which is a pullback support that aligns with the 127.2% Fibonacci extension.
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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.