USDCAD bearish drop | 11th Nov 2021

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On the H4, with price approaching resistance on the stochastics indicator, we have a bearish bias that price will rise from 1st resistance at 1.24997 in line with the 78.6% Fibonacci projection level and the horizontal swing high resistance to 1st support at 1.24179 in line with the graphical swing overlap support and 61.8% Fibonacci retracement and possibly to 2nd support at 1.23854 in line with the horizontal swing low support. Alternatively, we may see price break 1st resistance structure and head for 2nd resistance at 1.25574 in line with the 100% Fibonacci projection level and horizontal overlap resistance.

Trading Recommendation

Entry: 1.24997

Reason for Entry:

78.6% Fibonacci projection level and the horizontal swing high resistance

Take Profit: 1.24179

Reason for Take Profit:

graphical swing overlap support and 61.8% Fibonacci retracement

Stop Loss:1.25574

Reason for Stop Loss:

100% Fibonacci projection level and horizontal overlap resistance.

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

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