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07.12.202107:31 Forex Analysis & Reviews: USDCAD Bearish Pressure | 7th Dec 2021

Exchange Rates 07.12.2021 analysis

On the H4, with price moving above the ichimoku indicator, we have a bullish bias that price will rise from 1st support at 1.27252 in line with the graphical overlap support and 61.8% Fibonacci retracement to 1st resistance at 1.28499 in line with the graphical swing high resistance and 78.6% Fibonacci projection. Alternatively, we may see price break 1st support structure and head for 2nd support at 1.26338 in line with the horizontal overlap support.

Trading Recommendation

Entry: 1.27252

Reason for Entry:

Graphical overlap support and 61.8% Fibonacci retracement

Take Profit: 1.28499

Reason for Take Profit:

Graphical swing high resistance and 78.6% Fibonacci projection

Stop Loss: 1.26338

Reason for Stop Loss:

Horizontal overlap support

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

Dean Leo,
Analytical expert of InstaForex
© 2007-2022
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