Title
USDCAD H1 I Potential Bearish Breakout
Type
Bearish Breakout
Preference:
The price is falling toward the pivot level at 1.3645, a potential breakout level. The downward momentum could lead the price toward the 1st support at 1.3608, a support level that aligns with the 127.2% Fibonacci extension.
Alternative Scenario:
If the price reverses off the pivot, it could rise toward the 1st resistance at 1.3671.
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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.