FX.co ★ USDCAD bearish drop | 3rd Nov 2021

On the H4, with price moving above the ichimoku cloud which indicates a bullish momentum, we are expecting to see price rise to 1st resistance at 1.24312 in line with the 78.6% Fibonacci retracement and graphical swing high resistance from 1st support at 1.23964 in line with the 38.2% Fibonacci retracement levels and graphical overlap resistance. Alternatively, we may see price break structure at 1st support and head for 2nd support at 1.23797 in line with the 61.8% Fibonacci retracement, 78.6% Fibonacci extension and graphical overlap resistance.

Trading Recommendation

Entry: 1.23964

Reason for Entry:

38.2% Fibonacci retracement and graphical overlap resistance

Take Profit:1.24312

Reason for Take Profit:

78.6% Fibonacci retracement and graphical swing high resistance

Stop Loss:1.23797

Reason for Stop Loss:

61.8% Fibonacci retracement, 78.6% Fibonacci extension and graphical overlap resistance