USDCAD bearish reversal | 8th Oct 2021


On the H4, current price is moving below the ichimoku cloud suggesting a continuation of its bearish movement. Price may possibly head back to 1st resistance at 1.25798 in line with the 38.2% Fibonacci retracement and at the trend line resistance area before dropping lower to 1st support at 1.24938 which is a horizontal swing low. Otherwise, if price does not do the retest at 1st resistance and it is likely to just continue to drop to 1st support.

Trading Recommendation


Reason for Entry:

Horizontal overlap support and 38.2% Fibonacci retracement

Take Profit: 1.24938

Reason for Take Profit:

61.8% Fibonacci projection and Graphical support

Stop Loss:1.25789

Reason for Stop Loss:

38.2% Fibonacci retracement, 78.6% Fibonacci retracement and Graphical resistance

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