CANADIAN DOLLAR FUTURES (6C1!), H1 Potential for Bearish Drop

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Type: Bearish DropKey Levels: Resistance: 0.77455 Pivot: 0.76955 Support: 0.76460 Preferred Case: On the H1, price moves below the ichimoku cloud and along the downtrend which gives us a bearish bias that prices will fall to the pivot at 0.76955 , where 0.76955. the 50% Fibonacci retracement and swing low support is. Once there is a downside confirmation that price has fallen to a pivot, we would expect bearish momentum to bring prices to 1st support at 0.76460 where the swing low support, 78.6% Fibonacci projection and 161.8% Fibonacci extension are. Alternative scenario: Alternatively, price may rise to the 1st resistance level at 0.77455 in line with the swing high resistance, 78.6% Fibonacci retracement and 78.6% Fibonacci projection. Fundamentals: Stronger than expected CPI data (Fact: 1.4% Expected 1.0%) overnight helped the CAD find some strength against the USD. With the CPI data boosting market expectation for the BoC to raise rates by 75bps at the next meeting, look for the CAD to continue to strengthen into the US session, giving us a medium bullish bias for the Canadian dollar.

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