TitleUSDCAD H4 | Approaching overlap supportTypeBullish BouncePreference:Price is falling towards the pivot point of 1.34876 which is an overlap support level and could potentially reverse from here; we could see momentum carry price up to its 1st resistance at 1.35716 which is a pullback resistance that aligns with the 38.2% Fibonacci retracement level.Alternative scenario:If price breaks below the pivot point, it could hit the 1st support at 1.34308 which is a support that aligns with the 127.2% Fibonacci extension level.To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.
