USDCAD bearish drop | 2nd Nov 2021

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On the H4, with price breaking the ichimoku cloud which indicates a bullish momentum, we are expecting to see price rise to 1st resistance at 1.24010 in line with the 78.6% Fibonacci retracement from 1st support at 1.23557 in line with the 50% Fibonacci retracement levels. Price may possibly rise to 2nd resistance at 1.24278 in line with the graphical swing high resistance. However, a dip from 1st resistance may be more likely due to the strong overlap resistance in the area. Alternatively, we may see price dip to 1st support at 1.23557 in line with the 50% Fibonacci retracement and graphical swing low support and possibly even to 2nd support at 1.23423 in line with the 61.8% Fibonacci retracement level and graphical swing low support.

Trading Recommendation

Entry: 1.23557

Reason for Entry:

50% Fibonacci retracement and graphical overlap resistance

Take Profit:1.24010

Reason for Take Profit:

78.6% Fibonacci retracement and graphical swing low support

Stop Loss:1.23423

Reason for Stop Loss:

61.8% Fibonacci retracement level and graphical swing low support

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

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