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07.07.202209:46 Forex Analysis & Reviews: USDCAD, Potential For Bearish Drop | 7th July 2022

Exchange Rates 07.07.2022 analysis

On the H4, with price expected to reverse off the stochastics indicator, we have a bearish bias that price will drop to our 1st support at 1.29525 where the horizontal pullback support and 100% Fibonacci projection and 50% Fibonacci retracement are from our 1st resistance at 1.30780 in line with the horizontal swing high resistance. Alternatively, price may break 1st resistance and head for 2nd resistance at 1.31499 where the 127.2% fibonacci extension is.

Trading Recommendation

Entry: 1.30780 Reason for Entry: Horizontal swing high resistanceTake Profit:1.29525

Reason for Take Profit: Horizontal pullback support, 100% Fibonacci projection and 50% Fibonacci retracement

Stop Loss: 1.31499

Reason for Stop Loss: 127.2% fibonacci extension

*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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