03.12.202109:58 Forex Analysis & Reviews: USDCAD Bullish Pressure | 3rd Dec 2021

On the H4, with price moving above the ichimoku indicator, we have a bullish bias that price will rise from 1st support at 1.27727 in line with the graphical overlap support and 78.6% Fibonacci retracement to 1st resistance at 1.28919 in line with the graphical swing high resistance and 100% Fibonacci projection. Alternatively, we may see price break 1st support structure and head for 2nd support at 1.26479 in line with the horizontal swing low support.

Trading Recommendation

Entry: 1.27727

Reason for Entry:

Graphical overlap support and 78.6% Fibonacci retracement

Take Profit: 1.28919

Reason for Take Profit:

Graphical swing high resistance and 100% Fibonacci projection

Stop Loss: 1.26479

Reason for Stop Loss:

Horizontal swing low support

*El análisis de mercado publicado aquí tiene la finalidad de incrementar su conocimiento, más no darle instrucciones para realizar una operación.

Dean Leo,
Experto analítico de InstaForex
© 2007-2022

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