Title
USDCAD H4 | Swing-high Resistance at 78.6% Fibonacci Projection
Type
Bearish Reversal
Preference:
Price is rising towards the pivot point of 1.3734 which is a swing-high resistance that aligns with the 78.6% Fibonacci projection level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 1.3695 which is a pullback support level.
Alternative scenario:
If price breaks above the pivot point, it could hit the 1st resistance at 1.3769 which is a resistance that sits above a swing-high resistance and also aligns with the 100.0% Fibonacci projection 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.