Title
USDCAD H4 I Falling to support level?
Type
Bearish Drop
Preference:
Price has just reacted off our pivot point of 1.375, which serves as an overlap resistance level. A reversal from this point could lead the price to drop to the 1st support at 1.3663, a swing-low support level.
Alternative scenario:
However, if the price breaks above the pivot, it might rise to the 1st resistance at 1.3827, which serves as a multi-swing high resistance 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.