FX.co ★ USDCAD Potential for Bearish Drop towards previous swing low

Description :

Looking at the H4 chart, my overall bias for USDCAD is bearish due to the current price being below the Ichimoku cloud, indicating a bearish market. Looking for a pullback sell entry at 1.33036, where the overlap resistance and 38.2% Fibonacci line is. Stop loss will be at 1.33796, where the recent high is. Take profit will be at 1.32259, where the previous swing low is.

Trading Recommendation

Entry: 1.33036

Reason for Entry: Overlap resistance and 38.2% Fibonacci line

Take Profit: 1.32259

Reason for Take Profit:

Previous swing low

Stop Loss: 1.33796

Reason for Stop Loss:

Recent high