empty
 
 
21.09.2022 12:27 PM
USDCAD Potential for Bullish Rise | 21st September 2022

This image is no longer relevant

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

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback