FX.co ★ USDCAD, Bullish Pressure | 28th Dec 2021

On the H4 time frame, with price approaching the support of the stochastics indicator, we have a bullish bias that price will rise from 1st support at 1.27652 which is also 78.6% Fibonacci projection and 23.6% Fibonacci retracement to 1st resistance of 1.29441 which is also the graphical swing high resistance. Alternatively our stop loss is placed at 2nd support level which is also 127.2% Fibonacci projection and 50% Fibonacci retracement.

Trading Recommendation

Entry: 1.27652

Reason for Entry:

Graphical overlap support , 23.6% Fibonacci retracement and 78.6% Fibonacci projection

Take Profit: 1.29441

Reason for Take Profit:

Graphical swing high resistance

Stop Loss: 1.26172

Reason for Stop Loss:

Horizontal swing low support , 127.2% Fibonacci projection , 50% Fibonacci retracement