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Forex Analysis & Reviews: USDCAD Potential for Bullish Rise | 10th August 2022
time 10.08.2022 06:26 AM
time Relevance up to, 11.08.2022 06:26 AM

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On the H4, with the price going above ichimoku cloud, and DIF is breaking the signal line in MACD, we have a bullish bias that the price may rise from our 1st resistance at 1.29011, which is in line with previous swing high to our 2nd resistance at 1.29831, which is in line with the 78.6% fibonacci projection and 50% fibonacci retracement. Alternatively, the price may drop to the 1st support at 1.28483, which is in line with 61.8% fibonacci retracement and pullback support.

Trading Recommendation

Entry:1.29011

Reason for Entry:Swing high

Take Profit: 1.29831

Reason for Take Profit: 78.6% fibonacci projection and 50% fibonacci retracement

Stop Loss: 1.28483

Reason for Stop Loss:

61.8% fibonacci retracement and pullback support

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