24.08.2022 06:05 AM
USDCAD Potential For Bullish Rise | 24th August 2022

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On the H4, with the price above the ichimoku cloud and moving within the ascending trendline, we have a bullish bias that if the price break the 1st resistance at 1.29836, which is the current swing high and 38.2% fibonacci retracement, the price may rise to the 2nd resistance at 1.30632, which is in line with the swing high. Alternatively, the price may drop to the 1st support at 1.28899, where the 50% fibonacci retracement is. Take note the price of 1.29328 could be the intermediate support, if the price breaks this support, the ascending trendline will be broken.

Trading Recommendation

Entry: 1.29836

Reason for Entry:Current swing high and 38.2% fibonacci retracement,

Take Profit: 1.30632

Reason for Take Profit: Swing highStop Loss: 1.28899

Reason for Stop Loss:

50% fibonacci retracement

Dean Leo,
Analytical expert of InstaForex
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