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

This image is no longer relevant

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
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex always strives to help you
    fulfill your biggest dreams.
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In June we raffle $1000 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.
  • 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.
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account

Recommended Stories

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