USDCAD bearish drop | 15th Nov 2021

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On the H4, with price bouncing off the resistance on the stochastics indicator and the graphical resistance at 1.2602 in line with the 61.8% Fibonacci retracement at 1st resistance, we have a bearish bias that price will to 1st support at 1.24935 in line with the graphical swing overlap support and 38.2% Fibonacci retracement and possibly to 2nd support at 1.24100 in line with the horizontal swing low support and 61.8% Fibonacci retracement. Take note that this is if only if price can stay below the intermediary resistance at 1.25497 which is a horizontal overlap resistance. Alternatively, we may see price break 1st resistance structure and head for 2nd resistance at 1.257083 in line with the 100% Fibonacci projection level and horizontal overlap resistance.

Trading Recommendation

Entry: 1.26028

Reason for Entry:

61.8% Fibonacci retracement and the horizontal swing high resistance

Take Profit: 1.24935

Reason for Take Profit:

graphical swing overlap support and 38.2% Fibonacci retracement

Stop Loss:1.257083

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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