Title
USDCAD Day I Bullish reversal?
Type
Bearish Reversal
Preference:
The price is rising toward our pivot point of 1.3629, which serves as an overlap resistance level aligning with the 38.2% Fibonacci.
A reversal from this point could lead the price to drop to the 1st support at 1,3441, a multi-swing low support level
Alternative scenario:
However, if the price breaks above the pivot, it might rise to the 1st resistance at 1.3785, which also serves as a pullback resistance level.
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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.