FX.co ★ USDCAD bullish bounce | 17th Nov 2021

On the H4, with price approaching resistance on the stochastics indicator, we have a bearish bias that price will dip to 1st support at 1.24935 in line with the graphical swing low support from 1st resistance at 1.26028 in line with the horizontal overlap resistance and possibly to 2nd support at 1.24163 in line with our horizontal overlap resistance and 61.8% Fibonacci retracement level. Alternatively, we may see price break 1st resistance structure and head for 2nd resistance at 1.27083 in line with the 100% Fibonacci projection level and horizontal swing high resistance.

Trading Recommendation

Entry: 1.26028

Reason for Entry:

horizontal overlap resistance

Take Profit: 1.24935

Reason for Take Profit:

graphical swing low support

Stop Loss: 1.27083

Reason for Stop Loss:

100% Fibonacci projection level and horizontal swing high resistance