FX.co ★ USDCAD, Bullish Pressure | 3rd Feb 2022

On the H4, with prices moving above the Ichimoku cloud, we see the potential for a bounce from our 1st support at 1.26490 in line with horizontal swing low support and 61.8% Fibonacci retracement towards our 1st resistance at 1.27966 in line with horizontal swing high resistance and 61.8% Fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support at 1.25771, in line with 61.8% Fibonacci retracement and horizontal swing low support.

Trading Recommendation

Entry:1.26490

Reason for Entry:

Horizontal low support and 61.8% Fibonacci retracement

Take Profit: 1.27966

Reason for Take Profit:

Horizontal swing high resistance and 61.8% Fibonacci retracement

Stop Loss: 1.25771

Reason for Stop Loss:

Horizontal swing low support and 61.8% Fibonacci retracement