FX.co ★ USDCAD, Bullish Pressure | 30th Dec 2021

On the H4 timeframe, price is trading in an ascending channel and near the 1st support of 1.27658 which is also 61.8% Fibonacci retracement and 78.6% Fibonacci projection. Price can potentially go to the 1st resistance level of 1.29486 which is the graphical swing high level. Our bullish bias is supported by the stochastic indicator as it is near support level . Alternatively, price can dip to the take profit level of 1.26428 which is 127.2% Fibonacci projection and 50% Fibonacci retracement.

Trading Recommendation

Entry: 1.27658

Reason for Entry:

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

Take Profit: 1.29486

Reason for Take Profit:

Graphical swing high resistance

Stop Loss: 1.26428

Reason for Stop Loss:

Graphical overlap support , 127.2% Fibonacci projection , 50% Fibonacci retracement