FX.co ★ USDCAD bullish continuation | 25th Oct 2021

On the H4, price recently did a trendline breakout pullback. Usually after such moves, we will see more bullish momentums. Along with the RSI indicator showing an upwards trend, we are currently biased for the pair to be bullish. Therefore, we expect price to 1st resistance at 1.24106 in line with horizontal swing high resistance. Otherwise, price may break 1st support structure at 1.23592 in line with the 38.2% Fibonacci retracement and graphical horizontal overlap support and head for 2nd support at 1.23201 in line with the 61.8% Fibonacci retracement and graphical horizontal overlap supportTrading Recommendation

Entry:1.23592

Reason for Entry:

38.2% Fibonacci retracement and graphical horizontal overlap support

Take Profit: 1.24106

Reason for Take Profit:

Horizontal swing high resistance

Stop Loss:1.23201

Reason for Stop Loss:

61.8% Fibonacci retracement and graphical horizontal overlap support