FX.co ★ USDCAD Potential for Bullish Rise | 1st September 2022

On the H4, with the price moving within the ascending channel, above ichimoku cloud, we have a bullish bias that the price may rise from the 1st resistance at 1.31668, where the swing highs are, If the price can break the 1st resistance, we can expect the price rise to the 2nd resistance at 1.32238, where the swing high is. Alternatively, price could pullback from the 1st resistance and drop to the 1st support at 1.30635, where the overlap support and 23.6% fibonacci retracement are.

Trading Recommendation

Entry: 1.31668

Reason for Entry:Swing highs

Take Profit:1.32238

Reason for Take Profit:

Significant swing high

Stop Loss: 1.30635

Reason for Stop Loss:

Overlap support and 23.6% fibonacci retracement