FX.co ★ USDCAD Potential For Bullish Rise | 6th 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 support at 1.31069, where the 38.2% fibonacci retracement is to the 1st resistance at 1.31668, where the swing high is. Alternatively, the price may drop to the 2nd support at 1.30545, where the 50% fibonacci retracement and previous swing high are.

Trading Recommendation

Entry: 1.31069

Reason for Entry: 38.2% fibonacci retracement

Take Profit: 1.31668

Reason for Take Profit:Swing high

Stop Loss: 1.30545

Reason for Stop Loss:

50% fibonacci retracement and previous swing high