14.01.202112:17 Forex Analysis & Reviews: USDCAD is approaching support, potential bounce!

Price is approaching our first support in line with our horizontal swing low support, 100% fibonacci extension and 78.6% fibonacci retracement where we could see a bounce above this level to our resistance target. Stochastic is approaching support as well, in line with our bullish bias.

Trading Recommendation

Entry: 1.26731

Reason for Entry:

horizontal swing low support, 100% fibonacci extension and 78.6% fibonacci retracement

Take Profit: 1.27344

Reason for Take Profit:

horizontal overlap resistance, 38.2% fibonacci retracement

Stop Loss: 1.26340

Reason for Stop Loss:

horizontal swing low support

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert
InstaForex Group © 2007-2021

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