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USDCAD, 4H Potential Bullish Bounce

Preference:

With price bouncing off the support on the RSI indicator and price moving above the ichimoku cloud, we have a bullish bias that price will rise from our pivot at 1.24309 in line with the 50% Fibonacci retracement levels and the horizontal overlap support to 1st resistance at 1.24309 in line with the graphical swing high resistance, 127.2% Fibonacci extension and 61.8% Fibonacci projection.

Alternative Scenario:

Alternatively, we may see price break pivot structure and head for 1st support at 1.24183 in line with the 61.8% Fibonacci retracement level and horizontal overlap support.

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