FX.co ★ USDCAD Potential for Bullish Rise | 21st September 2022

On the H4, with the price breaking the ascending channel and testing the previous key resistance at 1.33640, which is in line with the 127.2% fibonacci extension and 161.8% fibonacci projection. If the price can break this level successfully, we can expect the price to rise to the 1st resistance at 1.34343, where the 100% fibonacci projection, 200% fibonacci extension and 141.4% fibonacci extension are. Alternatively, as the price may pull back from the key resistance level and drop to the 1st support at 1.32777, which is in line with the 23.6% fibonacci retracement.

Trading Recommendation

Entry: 1.33640

Reason for Entry: 127.2% fibonacci extension and 161.8% fibonacci projection

Take Profit: 1.34343

Reason for Take Profit: 100% fibonacci projection, 127.2% fibonacci extension and 141.4% fibonacci extension

Stop Loss: 1.32777

Reason for Stop Loss:

23.6% fibonacci retracement