FX.co ★ USDCAD, Bullish Pressure | 29th Dec 2021

On the H4 time frame, with price above the moving average , we have a bullish bias that price will rise from 1st support at 1.27620 which is also 78.6% Fibonacci projection and 61.8% Fibonacci retracement to 1st resistance of 1.29400 which is also the graphical swing high resistance. Alternatively our stop loss is placed at 2nd support level which is also 61.8% Fibonacci projection and 50% Fibonacci retracement.

Trading Recommendation

Entry: 1.27620

Reason for Entry:

Graphical overlap support , 61.8% Fibonacci retracement and 78.6% Fibonacci projection

Take Profit: 1.29400

Reason for Take Profit:

Graphical swing high resistance

Stop Loss: 1.26169

Reason for Stop Loss:

Horizontal swing low support , 61.8% Fibonacci projection , 50% Fibonacci retracement