FX.co ★ USDCAD, Bullish Pressure | 13th Jan 2022

On the H4, with price at the support of the stochastics, we have a bullish bias that price will rise to our 1st resistance at 1.26211 which is in line with horizontal overlap resistance and 61.8% Fibonacci retracement from 1st support at 1.24922, which is in line with horizontal swing low support and 161.8% Fibonacci extension level. Alternatively, price may break 1st support structure and head for 2nd support at 1.24159, which coincides with horizontal swing low support.

Trading Recommendation

Entry:1.26211

Reason for Entry:

Horizontal overlap resistance and 61.8% Fibonacci retracement

Take Profit: 1.24922

Reason for Take Profit:

Horizontal swing low support and 161.8% Fibonacci extension

Stop Loss: 1.24159

Reason for Stop Loss:

Horizontal swing low support