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09.12.202109:59 Analytische Bewertungen Forex: USDCAD Bullish Pressure | 9th Dec 2021

Exchange Rates 09.12.2021 analysis

On the H4, with price approaching the support of the stochastics indicator, we have a bullish bias that price will rise from 1st support at 1.26227 in line with the graphical overlap support and 61.8% Fibonacci retracement to 1st resistance at 1.27252 in line with the graphical swing high resistance. Alternatively, we may see price break 1st support structure and head for 2nd support at 1.24975 in line with the horizontal swing low support.

Trading Recommendation

Entry: 1.26227

Reason for Entry:

Graphical overlap support and 61.8% Fibonacci retracement

Take Profit: 1.27252

Reason for Take Profit:

Graphical swing high resistance

Stop Loss: 1.24975

Reason for Stop Loss:

Horizontal swing low support and 78.6% 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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