Type : Bearish Momentum
Resistance : 0.77125
Pivot: 0.76835
Support : 0.76460
Preferred Case: On the H1, with price moving below the ichimoku cloud , we have a bearish bias that price will rise and drop from the pivot at 0.76835 in line with the overlap resistance and 78.6% fibonacci projection to the 1st support at 0.76460 where the -27.2% fibonacci expansion and swing low support are.
Alternative scenario: Alternatively, price may break pivot structure and rise to the 1st resistance at 0.77125 where the pullback resistance, 50% fibonacci retracement and -61.8% fibonacci expansion are.
Fundamentals: As sentiment over the BoC increasing rates by 75bps continues to grow, we have a bearish view of the canadian dollar.
Resistance : 0.77125
Pivot: 0.76835
Support : 0.76460
Preferred Case: On the H1, with price moving below the ichimoku cloud , we have a bearish bias that price will rise and drop from the pivot at 0.76835 in line with the overlap resistance and 78.6% fibonacci projection to the 1st support at 0.76460 where the -27.2% fibonacci expansion and swing low support are.
Alternative scenario: Alternatively, price may break pivot structure and rise to the 1st resistance at 0.77125 where the pullback resistance, 50% fibonacci retracement and -61.8% fibonacci expansion are.
Fundamentals: As sentiment over the BoC increasing rates by 75bps continues to grow, we have a bearish view of the canadian dollar.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.