FX.co ★ USDCAD, Potential For Bullish Bounce | 28th June 2022

On the H4, with price expected to bounce off ichimoku support, 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 at 1.27189 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 retracementTake 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