Title
USDCAD 1H | Bullish Continuation
Type
Bullish TReversal
Preference:
The price is falling toward the pivot level at 1.4435, a pullback support that aligns with the 50% Fibonacci retracement. A bounce from this level could drive the price towards the 1st resistance at 1.4477, a swing high resistance.
Alternative Scenario:
If the price breaks below the pivot level, it may drop towards the 1st support at 1.4401, which serves as a strong overlap support and the 78.6% Fibonacci 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.