USDCAD bullish continuation | 27th Oct 2021

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On the H4, with stochastics approaching resistance, we are expecting to see price do a drop from 1st resistance at 1.24037 in line with the 127.2% Fibonacci extension, 78.6% Fibonacci projection and graphical swing high resistance to 1st support at 1.23693 in line with the 38.2% and 50% Fibonacci retracement and confluent to our graphical overlap support. Alternatively, price may break 1st resistance and head for 2nd resistance at 1.23582 in line with the 50% Fibonacci extension level and graphical overlap resistance.

Trading Recommendation

Entry: 1.24037

Reason for Entry:

78.6% Fibonacci projection and graphical swing high resistance

Take Profit: 1.23693

Reason for Take Profit:

38.2% and 50% Fibonacci retracement and graphical overlap support

Stop Loss:1.23582

Reason for Stop Loss:

50% Fibonacci extension level and graphical overlap resistance.

The material has been provided by InstaForex Company - www.instaforex.com

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