CANADIAN DOLLAR FUTURES (6C1!), H1 Potential for Bearish Drop
Type : Bearish Momentum
Resistance : 0.77755
Pivot: 0.77410
Support : 0.76840
Preferred Case: On the H1, with price moving below the ichimoku cloud and along a descending trendline , we have a bearish bias that price will drop from the pivot at 0.77410 in line with the overlap resistance and 23.6% fibonacci retracement to the 1st support at 0.76840 where the swing low support and -61.8% fibonacci expansion are.
Alternative scenario: Alternatively, price may break pivot structure and head to the 1st resistance at 0.77755 where the swing high resistance, 100% fibonacci projection, 78.6% fibonacci projection and 61.8% fibonacci retracement are.
Fundamentals: Recent Canadian Dollar strength had been slightly reversed with Canadian GDP month-on-month being released at 0.3% (Previous: 0.7%) indicating a slow down in economic activity and growth, giving us a medium bearish view on the Canadian Dollar.
Resistance : 0.77755
Pivot: 0.77410
Support : 0.76840
Preferred Case: On the H1, with price moving below the ichimoku cloud and along a descending trendline , we have a bearish bias that price will drop from the pivot at 0.77410 in line with the overlap resistance and 23.6% fibonacci retracement to the 1st support at 0.76840 where the swing low support and -61.8% fibonacci expansion are.
Alternative scenario: Alternatively, price may break pivot structure and head to the 1st resistance at 0.77755 where the swing high resistance, 100% fibonacci projection, 78.6% fibonacci projection and 61.8% fibonacci retracement are.
Fundamentals: Recent Canadian Dollar strength had been slightly reversed with Canadian GDP month-on-month being released at 0.3% (Previous: 0.7%) indicating a slow down in economic activity and growth, giving us a medium bearish view on the Canadian Dollar.
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.