FX.co ★ USDCAD Potential for Bearish Rise | 29th August 2022

On the H4, with the price within the ascending channel, above ichimoku cloud and MACD indicators are above zero, we have a bullish bias that the price may rise from the 1st resistance at 1.30812, where the swing high is to the 2nd resistance at 1.31688, where the swing high and 78.6% fibonacci projection are. Alternatively, price could drop to the 1st support at 1.29837, where the 23.6% fibonacci retracement is.

Trading Recommendation

Entry: 1.30812

Reason for Entry:Swing high

Take Profit:1.31688

Reason for Take Profit:Swing high and 78.6% fibonacci projection

Stop Loss: 1.29837

Reason for Stop Loss:

23.6% fibonacci retracement