Title
USDCAD H4 | Reversal from 38.2% Fibo resistance

Type
Bearish Reversal

Preference:

Price is rising towards the pivot point of 1.35041 which is an overlap resistance that aligns with the 38.2% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 1.33895 which is a pullback support level.

Alternative scenario:

If price breaks above the pivot point, it could hit the 1st resistance at 1.35512 which is an overlap resistance that aligns beyond the 50.0% Fibonacci retracement level.

To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.