FX.co ★ USDCAD, Bullish Pressure | 24th Dec 2021

On the H4 timeframe,with price approaching the support of the stochastics indicator, we have a bullish bias that price will rise from 1st support at 1.27676 in line with the graphical swing low support and 127.2% Fibonacci extension to 1st resistance at 1.29454 in line with the graphical swing high resistance. Alternatively, we may see price break 1st support and head for 2nd support at 1.26136 in line with the horizontal swing low support and 200% Fibonacci projection.

Trading Recommendation

Entry:1.27676

Reason for Entry:

Graphical swing low support and 127.2% Fibonacci extension

Take Profit: 1.29454

Reason for Take Profit:

Graphical swing high resistance

Stop Loss:1.26136

Reason for Stop Loss:

Horizontal swing low support and 200% Fibonacci projection.