FX.co ★ USDCAD, Potential For Bullish Bounce | 29th June 2022

On the H4, with price bouncing off the stochastic support, we have a bullish bias that price will rise from our 1st support at 1.28647 where the horizontal pullback support is to our 1st resistance at 1.30128 in line with the horizontal swing high resistance, 100% fibonacci projection and 78.6% fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support at 1.27189 where the horizontal overlap support, 61.8% fibonacci projection and 61.8% Fibonacci retracement are.

Trading Recommendation

Entry: 1.28647 Reason for Entry: Horizontal pullback supportTake Profit: 1.30128

Reason for Take Profit: Horizontal swing high resistance, 100% fibonacci projection and 78.6% fibonacci retracementStop Loss: 1.27189

Reason for Stop Loss:

Horizontal overlap support, 61.8% fibonacci projection and 61.8% Fibonacci retracement