FX.co ★ USDCAD, Bullish Pressure | 27th Jan 2022

On the H4 chart price has recently broken out of the descending trendline and is above the Ichimoku cloud and near 1st resistance level of 1.26961 which is also 50% Fibonacci retracement and 127.2% Fibonacci projection. Price can potentially go to the 2nd resistance level of 1.28131 which is a graphical overlap resistance. Alternatively price can potentially dip to the 1st support level of 1.26211 which is also 61.8% Fibonacci retracement and 61.8% Fibonacci projection.

Trading Recommendation

Entry:1.26961

Reason for Entry:

Horizontal overlap resistance and 50% Fibonacci retracement, 127.2% Fibonacci projection

Take Profit: 1.27274

Reason for Take Profit:

Horizontal swing high resistance and 100% Fibonacci projection

Stop Loss: 1.26211

Reason for Stop Loss:

Horizontal swing low support and 61.8% Fibonacci projection, 61.8% Fibonacci projection