#USDCAD, H4 is bouncing from our Pivot, potential for a rise.

Description:
Price is bouncing from our Pivot point at 1.22833, which is in line with 61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap. We could potentially see price rise from here towards our 1st resistance level at 1.23874, in line with 61.8% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical swing high. Do note that price is above the ascending trendline, in line with our bullish analysis.


Pivot: 1.22833
Why we like it:
61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap

1st Support: 1.22138
Why we like it:
127% fibonacci retracement, 100% fibonacci extension and horizontal graphical area

1st Resistance: 1.23874
Why we like it:
61.8% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical swing high

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