FX.co ★ USDCAD Bearish Pressure | 7th Dec 2021

On the H4, with price moving above the ichimoku indicator, we have a bullish bias that price will rise from 1st support at 1.27252 in line with the graphical overlap support and 61.8% Fibonacci retracement to 1st resistance at 1.28499 in line with the graphical swing high resistance and 78.6% Fibonacci projection. Alternatively, we may see price break 1st support structure and head for 2nd support at 1.26338 in line with the horizontal overlap support.

Trading Recommendation

Entry: 1.27252

Reason for Entry:

Graphical overlap support and 61.8% Fibonacci retracement

Take Profit: 1.28499

Reason for Take Profit:

Graphical swing high resistance and 78.6% Fibonacci projection

Stop Loss: 1.26338

Reason for Stop Loss:

Horizontal overlap support