CANADIAN DOLLAR FUTURES (6C1!), H4 Potential for Bullish Rise
Type : Bullish Rise
Resistance : 0.77970
Pivot: 0.77300
Support : 0.76465
Preferred Case: On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise from the pivot at 0.77300 where the overlap support is to the 1st resistance at 0.77970 where the swing high resistance is.
Alternative scenario: Alternatively, price could break pivot structure and drop to the 1st support at 0.76465 where the overlap support, 61.8% fibonacci retracement and 78.6% fibonacci projection are.
Fundamentals: Stronger than anticipated Canadian sales data on Friday helped to balance out the DXY's volatility, allowing USDCAD to trade in consolidation below 1.29. The USDCAD is projected to trade lower because to the recent drop in energy prices and the weakening in the DXY. This gives us a weak bullish view of the Canadian Dollar.
Resistance : 0.77970
Pivot: 0.77300
Support : 0.76465
Preferred Case: On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise from the pivot at 0.77300 where the overlap support is to the 1st resistance at 0.77970 where the swing high resistance is.
Alternative scenario: Alternatively, price could break pivot structure and drop to the 1st support at 0.76465 where the overlap support, 61.8% fibonacci retracement and 78.6% fibonacci projection are.
Fundamentals: Stronger than anticipated Canadian sales data on Friday helped to balance out the DXY's volatility, allowing USDCAD to trade in consolidation below 1.29. The USDCAD is projected to trade lower because to the recent drop in energy prices and the weakening in the DXY. This gives us a weak bullish view of the Canadian Dollar.