FX.co ★ USDCAD, Potential For Bullish Bounce | 12th July 2022

On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise from our 1st support at 1.29525 where the horizontal pullback support and fibonacci confluence are to our 1st resistance at 1.30780 in line with the horizontal swing high resistance. Alternatively, price may not break 1st support and head for 2nd support where the horizontal swing low support is.

Trading Recommendation

Entry: 1.29525 Reason for Entry: Horizontal pullback support, 23.6% Fibonacci retracement, 50% fibonacci retracement and 100% Fibonacci projectionTake Profit: 1.30780

Reason for Take Profit:

Horizontal swing high resistance

Stop Loss: 1.28474

Reason for Stop Loss: Horizontal swing low support and 38.2% Fibonacci retracement