Title
USDCAD H4 | Potential bullish bounce

Type
Bullish Bounce

Preference:
Price is falling towards the pivot point of 1.37378 which is an overlap support that aligns with the 23.6% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price up to its 1st resistance at 1.38900 which is a swing-high resistance level.

Alternative scenario:
If price breaks below the pivot point, it could hit the 1st support at 1.36394 which is a swing-low support 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.