Title
USDCAD H4 I Bullish Bounce Off
Type
Bullish Reversal
Preference:
The price is showing a bullish bounce off the pivot level at 1.3703, a swing low support. This bounce suggests the price could rise toward the 1st resistance at 1.3791, a pullback resistance level
Alternative Scenario:
If price breaks below the pivot, it could decline toward the 1st support at 1.3639, which 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.