FX.co ★ USDCAD, Bullish Pressure | 20th Dec 2021

On the H4 timeframe, with price moving above the ichimoku cloud, we have a bullish bias that price will rise to 1st resistance at 1.30339 in line with the graphical swing high resistance and 161.8% Fibonacci extension from 1st support at 1.28352 in line with the 161.8% Fibonacci extension and graphical overlap support. Alternatively, we may see price break 1st support and head for 2nd support at 1.26104 in line with the 50% Fibonacci retracement and horizontal swing low support.

Trading Recommendation

Entry:1.28352

Reason for Entry:

161.8% Fibonacci extension and graphical overlap support

Take Profit: 1.30339

Reason for Take Profit:

161.8% Fibonacci extension and graphical swing high resistance

Stop Loss:1.26104

Reason for Stop Loss:

50% Fibonacci retracement and horizontal swing low support