FX.co ★ USDCAD Potential For Bullish Rise | 23rd August 2022

On the H4, with the price above the ichimoku cloud and moving within the ascending trendline, we have a bullish bias that if the price break the 1st resistance at 1.30600, which is the current swing high, the price may rise to the 2nd resistance at 1.31181, which is in line with 78.6% fibonacci retracement. Alternatively, the price may drop to the 1st support at 1.29836, where the 23.6% fibonacci retracement is.

Trading Recommendation

Entry:1.30600

Reason for Entry:Current swing high

Take Profit: 1.31181

Reason for Take Profit: 78.6% fibonacci retracement

Stop Loss: 1.29836

Reason for Stop Loss:

23.6% fibonacci retracement