Canadian Dollar Futures (6C1!), H1 Potential for Bearish Drop
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.