USDCAD H4 | Rising into resistance

TitleUSDCAD H4 | Rising into resistanceTypeBearish ReversalPreference:Price is rising towards the pivot point of 1.36122 which is an overlap resistance that aligns with the 23.6% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 1.35549 which is a level that aligns with the 61.8% Fibonacci retracement level.Alternative scenario:If price breaks above the pivot point, it could hit the 1st resistance at 1.36754 which is a pullback resistance that aligns with the 50.0% Fibonacci retracement 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.