USDCAD H4 I Potential bounce off pullback support?
October 20, 2023 6:23 am
The USD/CAD chart is exhibiting a bullish momentum, suggesting a potential scenario for price to pull back towards the 1st support level before making a bullish bounce towards the 1st resistance level.
The 1st support level at 1.3692 is identified as an overlap support while the 2nd support level at 1.3607 is also noted as an overlap support. To the upside, the 1st resistance level at 1.3784 is identified as a swing-high resistance that aligns with the 78.60% Fibonacci projection level. Higher up, the 2nd resistance level at 1.3846 is noted as a resistance level that aligns with the 127.20% Fibonacci extension level.
The material has been provided by InstaForex Company – www.instaforex.com
The USD/CAD chart is exhibiting a bullish momentum, suggesting a potential scenario for price to pull back towards the 1st support level before making a bullish bounce towards the 1st resistance level.
The 1st support level at 1.3692 is identified as an overlap support while the 2nd support level at 1.3607 is also noted as an overlap support. To the upside, the 1st resistance level at 1.3784 is identified as a swing-high resistance that aligns with the 78.60% Fibonacci projection level. Higher up, the 2nd resistance level at 1.3846 is noted as a resistance level that aligns with the 127.20% Fibonacci extension level.
The material has been provided by InstaForex Company – www.instaforex.com
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