FX.co ★ USDCAD, Bullish Pressure | 23rd Dec 2021

On the H4 time frame, with price bouncing off the support of the stochastics indicator and being at a support of the Ichimoku cloud, we have a bullish bias that price will rise from 1st support at 1.28495 in line with the graphical overlap support, 78.6 Fibonacci projection and 61.8% Fibonacci retracement to 1st resistance at 1.29380 in line with the 78.6% Fibonacci projection and graphical swing high resistance. Alternatively, we may see price break 1st support and head for 2nd support at 1.27628 in line with the horizontal swing low support and 127.2% Fibonacci projection.

Trading Recommendation

Entry:1.28495

Reason for Entry:

78.6 Fibonacci projection, 61.8% Fibonacci retracement and graphical overlap support,

Take Profit: 1.29380

Reason for Take Profit:

78.6% Fibonacci projection and graphical swing high resistance

Stop Loss:1.27628

Reason for Stop Loss:

127.2% Fibonacci projection and horizontal swing low support