FX.co ★ USDCAD reversed from Pivot point. Potential for drop!

Price has reversed from pivot at 1.27146, where we see a medium-probability bearish scenario for a drop beneath the pivot towards 1st support at 1.27146 as a possible target. Otherwise, should price fail to hold under our pivot, we could see price swing the other way towards our 1st resistance at 1.27577. It's worth noting that the price is facing bearish pressure from the moving average and MACD under the 0-line, in line with our analysis.

Trading Recommendation

Entry: 1.27141

Reason for Entry:

50% Fibonacci retracement, 61.8% Fibonacci extension and horizontal graphical overlap.

Take Profit: 1.26624

Reason for Take Profit:

78.6%, -61.8% fibonacci retracement and 127% Fibonacci extension

Stop Loss: 1.27578

Reason for Stop Loss:

23.6%, 50% Fibonacci retracement and graphical overlap resistance.