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31.01.2023 10:08 AM
USDCAD Potential for Bullish Rise towards overlap resistance

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Description :

Looking at the H4 chart, my overall bias for USCAD is bullish due to the current price heading towards the Ichimoku cloud, indicating a bullish market. Looking for a pullback buy entry at 1.33429, where the overlap support and 50% Fibonacci line is. Stop loss will be at 1.32993, where the recent swing low is. Take profit will be at 1.34362, where the overlap resistance and 61.8% Fibonacci line is.

Trading Recommendation

Entry: 1.33429

Reason for Entry: Overlap resistance and 38.2% Fibonacci line

Take Profit: 1.34362

Reason for Take Profit:

Overlap resistance and 61.8% Fibonacci line

Stop Loss: 1.32993

Reason for Stop Loss:

Recent swing low

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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