Type:
Bearish Momentum
Key Levels:
Resistance: 0.77305
Pivot: 0.76850
Support: 0.76430
Preferred Case:
On the H4, with price moving below the ichimoku cloud and along the descending trendline, we have a bearish bias that price will rise and drop from the pivot at 0.76850 in line with the pullback resistance to the 1st support at 0.76430 where the swing low support, -27.2% fibonacci expansion and 78.6% fibonacci projection are.
Alternative Scenario:
Alternatively, price may break pivot structure and rise to the 1st resistance at 0.77305 where the swing high resistance and 78.6% fibonacci projection are.
Fundamentals:
The BoC is expected to increase rates to 2.25%, a 75 bps increase, giving us a bullish bias on the Canadian Dollar .
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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.