Title
USDCAD H4 I Falling towards multi swing low support
Type
Bullish reversal
Preference:
The price is falling towards the pivot at 1.3730, a multi swing low support level that aligns with the 61.8% Fibonacci projection. A bounce at this level could lead the price toward the 1st resistance at 1.3811, a pullback resistance level.
Alternative Scenario:
If the price breaks below the pivot, it could fall toward the 1st supportat 1.3673, a support level that lines up with the 61.8% Fibonacci projection.
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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.