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FX.co ★ USDCAD, Potential For Bullish Bounce | 27th June 2022

USDCAD, Potential For Bullish Bounce | 27th June 2022

USDCAD, Potential For Bullish Bounce | 27th June 2022

On the H4, with price expected to bounce off the stochastics indicator, we have a bullish bias that price will rise from our 1st support at 1.28647 where the horizontal swing low support and 38.2% Fibonacci retracement is to our 1st resistance at 1.30128 in line with the horizontal swing high resistance. Alternatively, price may break structure and head for 2nd support where the horizontal pullback support and 61.8% Fibonacci retracement.

Trading Recommendation

Entry: 1.28647 Reason for Entry: Horizontal swing low support and 38.2% Fibonacci retracement

Take Profit: 1.30128

Reason for Take Profit: Horizontal swing high resistanceStop Loss: 1.27189

Reason for Stop Loss:

Horizontal pullback support and 61.8% Fibonacci retracement

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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